Accounting Services

Accurate financial management, transparent reporting, and strong financial controls for your community.
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HOA accounting services and financial management for North Carolina community associations

Comprehensive Monthly Financial Reporting

Monthly financial reports are distributed to the Board after review by both the Accounting Manager and Community Manager. Report packages can be customized, but typically include:
  • Balance Sheet
  • Income Statement
  • Cash Disbursement Report
  • Aged Payables Report
  • Collection Report
  • Bank Account Reconciliations
  • Bank Statements

Year-End Financial Management

At year’s end, Omega’s accounting team and Community Manager work together to conclude outstanding financial business and prepare each community for the year ahead.

Step 01

Budget Import

Importing the approved annual budget into our system and your community website.

Step 02

Preliminary Statements

Issuing preliminary year-end financial statements. Finalized statements are available by January 31st of the new year.

Step 03

Billing Updates

Issuing billing statements and new coupons to homeowners, and reminding them to update automatic payment information.

Step 04

Deposit Review

Reviewing utility deposits annually and requesting refunds or credits when possible.

Helping the Board and Membership

When we begin managing a new community, the first order of business is getting the financials in order. The Accounting Manager (AM) reviews the Secretary of State records to make sure the Association is not under Revenue Suspension. If it is, the AM contacts the State to research the reason, and make arrangements for reinstatement.
Next, the legal documents are reviewed for audit or review requirements, and run through an OCR process to make them searchable. The County Records are then updated so that all tax bills and other County correspondence with the Association comes directly to our office.
 
Finally, homeowner information is imported into our accounting software, and we perform general financial setup.
 
This includes:
  • Assigning a unique tracking code for the Association in our software, copier, and postage machine
  • Integrating ending general ledger balances into our chart of accounts
  • Importing the current-year budget
  • Depositing funds from previous management accounts into new operating and reserve accounts with our partner bank(s). These accounts include free lockbox services.
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Need Professional Accounting Services For Your Community?

We’ll follow up with you to answer any questions, learn more about your Association’s needs, and discuss how we can help you.

Request A Proposal