The accountant is a vital part of an association management’s professional team. A staff member or volunteer may take care of the bookkeeping for the association, but the certified public accountant is needed to conduct an audit at the end of the year. In addition, the accountant:
- Conducts association financial audits.
- Reviews financial data, answers financial questions and provides financial advice.
- Participates in reserve studies and advises on reserve funding strategies.
- Assists with budget preparation and long-term financial planning for homeowners.
- Prepares association tax returns.
- Makes presentations at meetings.
- Helps obtain financing.
- Educates board or committee members on financial matters.
- Develops accounting policies and procedures and recommends internal controls.
- Prepares monthly or quarterly financial statements.
The association accountant is a valuable partner who works closely with the association manager and the board to ensure your assessments are managed and invested wisely and legally.