Specializing in
HOA & Condo Monthly Accounting — Mississippi, Alabama, Louisiana & Florida
Since 2016, our CPA-led team keeps your HOA books clear, compliant, and board-ready (CPA license R7323)
We understand the unique financial dynamics and responsibilities that HOA boards face. With years of experience in association management, we’ve developed processes that keep your financials clear, compliant, and easy to understand—freeing your board to focus on the community rather than the books.
Since 2016 with Excellent Customer Service
Minimize Risk with Our Trusted HOA Accounting Services
Payments to Vendors
As part of our HOA accounting services, we prepare payments to vendors and submit them for Board of Directors (BOD) approval, ensuring transparency and financial control.
Track A/R & A/P
We track accounts receivable and accounts payable to help your association maintain accurate financial oversight and ensure timely payments and collections as part of our HOA accounting services.
Reconciliations
Our certified accounting professionals perform monthly reconciliation for all critical financial instruments, including business bank accounts, corporate credit cards, and diverse loan portfolios. This process ensures precise financial accuracy, identifies discrepancies, prevents potential fraud, and guarantees audit-readiness and compliance with GAAP (Generally Accepted Accounting Principles).
Collect HOA Dues
Our comprehensive HOA accounting services manage all vendor payments. We process, verify, and reconcile invoices, then prepare disbursements for rigorous approval by the Board of Directors (BOD). This systematic approach ensures a superior, robust fiscal governance, and stringent budgetary control, effectively safeguarding community assets and adhering to all relevant compliance standards.
Generate Reports
As part of our HOA accounting services, we generate the reports you need—such as the Balance Sheet, Income Statement, Aged Receivables, and Aged Payables—to give your board clear and timely financial insights.
Annual Budget
Our specialized HOA accounting services prepare a comprehensive, GAAP-compliant annual operating budget, followed by transparent monthly “budget vs. actual” financial statements. This rigorous approach provides your homeowners’ association board with precise financial intelligence, enabling proactive fiscal management and informed strategic decision-making for long-term community financial health.
Payroll
As a specialized component of our comprehensive HOA Accounting Services, we provide expert, compliant payroll management. This includes processing of employee wages, accurate tax withholdings, direct deposit, and timely submission of all federal and state payroll tax filings, such as quarterly 941s and annual W-2s, for HOA boards and community managers. We ensure strict adherence to all relevant labor laws and IRS regulations, simplifying your association’s financial administration and mitigating compliance risks.
Annual Tax Filings
Our dedicated team of certified accountants, specializing in Homeowners Association (HOA) financial management, ensures precise and timely preparation of all your annual federal and state tax filings. We expertly handle complex forms, including IRS Form 1120-H or 1120 as applicable, guaranteeing full compliance with current tax codes and mitigating potential penalties. This comprehensive approach, central to our HOA Accounting Services, provides your community with complete financial transparency and peace of mind.
1099 Documents
As part of our comprehensive HOA Accounting Service, our seasoned accounting professionals meticulously prepare and file all essential IRS Form 1099 documents, including 1099-NEC for vendor payments to independent contractors and 1099-MISC for various other reportable income, ensuring your homeowners association achieves complete compliance with federal tax reporting requirements. This proactive and precise service effectively minimizes potential IRS audit risks and helps your association avoid significant penalties, thereby safeguarding its financial health and operational integrity.
The Complete Guide to Condo Association Accounting: Expert Financial Management for Homeowners Associations
Navigate the complexities of condo association accounting with this expert guide from Berel Accounting. Learn about crucial financial management practices, from budgets and reserves to essential reports, ensuring the fiscal health and compliance of your homeowners association. Discover how precise accounting safeguards your community's future.
Choosing the Right HOA Accounting Firm: Key Questions to Ask for Financial Success
Selecting the right HOA accounting firm is crucial for community financial health and resident satisfaction. This guide outlines key questions boards should ask prospective firms, covering their expertise, services, technology, communication, and fee structures. Emphasizing specialized firms like Berel Accounting ensures your HOA partners with a provider capable of navigating the unique complexities of association finances for long-term success.
Self-Managed HOAs and Condo Associations: Why Outsourcing Financial Functions Can Be a Game-Changer
Many homeowners associations (HOAs) and condo associations operate without the assistance of a professional property management company, choosing instead to manage day-to-day operations internally.