• Financial

    Financial Management

Updates


Some clients of Hillcrest Property Management choose to use both our building maintenance management and our property management accounting services. Other smaller associations are used to being self-managed or don’t have many maintenance issues. These homeowners associations and small condo buildings only engage us for their property management accounting.

Outlined below are all the features our Financial Services clients receive.

In addition, we offer credit bureau reporting. This item does require an additional setup fee, but has no monthly fee. There’s a fee for each requested report, but that gets passed on to the resident.

Homeowners’ Association Financial Statements

This offering includes the below monthly homeowners’ association financial statements:

  • Balance sheet
  • Income/expense statement
  • Other monthly financials:
    • Check register
    • Delinquency report
    • Bank reconciliations
    • Bank statements
    • Paid invoices for the month

If you would like additional financials, we can customize – typically without an extra fee!

Pay vendors with Payables Lockbox

Payables Lockbox eliminates the headache of signing and approving paper checks. Our associations can log on anytime to view their vendor invoices. Do everything online; it is all automated.

If you desire, Hillcrest can access your accounts and take care of everything for you. If your board wants the option to approve before any checks are cut, you have the ability to do that through this system. Simply log on to the Payables Lockbox website, view the invoices in your queue, and approve them for payment. Approval initiates an electronic payment or check be sent to the vendor.

Or, if your board wants to keep full control, you can.

This feature of our property management accounting package helps you:

  • easily search historical invoices
  • carefully control approvals
  • conveniently approve anytime, from anywhere you have internet access
  • eliminate the chance payments are lost or delayed
  • avoid late fees
  • have an audit trail of approvals, with date and time stamp
  • save paper

Other features for your convenience

Also included in our property management accounting package, to make your life easier:

  • Hillcrest sends past due notices to delinquent homeowners
  • Phone and online payments
  • Our HOA Bookkeeping professionals are located in-house.
    • Boards can make an appointment to discuss financials with their HOA bookkeeper in person
    • Direct communication with assigned bookkeeper via phone or email, or in person by appointment

Credit Bureau Reporting

Improve your association’s cash flow with this credit reporting solution. Boards can opt-in to this service for an additional fee. It allows you to report all positive and negative payment history to at least one credit bureau.  Late payments and balances over 60 days delinquent remain on the credit report for seven years.