Some companies depend on a single accountant to handle all of a community’s financial needs. At Omega, we recognize the best practice of checks and balances. In keeping with our team philosophy, separate personnel are responsible for distinct accounting activities under the supervision of the Accounting Manager. This division of duties gives our clients peace of mind knowing that their funds are secure and accurately accounted for.
Individual community websites are made available to all homeowners for no additional cost. On the website, owners are able to pay their balance, view up to one year of payment history, view the community calendar, and access posted documents. Document categories can be created to restrict access to certain groups (like the Board or committee members) upon request.
Monthly financial reports are distributed to the Board after being meticulously reviewed by both the Accounting Manager and Community Manager. While the particular statements you receive can be customized upon request, a typical report package includes:
- Balance Sheet
- Income Statement
- Cash Disbursement
- Aged Payables
- Collection Report
- Bank Account Reconciliations
- Bank Statements
At year’s end, the accounting team and Community Manager work together to conclude any outstanding financial business. End-of-year activities include:
- Importing the approved annual budget into our system and your community website.
- Issuing preliminary year-end financial statements. Finalized statements are available by January 31st of the new year.
- Issuing billing statements and new coupons to homeowners, and reminding them to update automatic payment information.
- Reviewing utility deposits annually and requesting refunds or credits when possible.
Helping the Board and the 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 bank. These accounts include free lockbox services.
These processes make it easier to accurately track individual community expenses and provide monthly and annual financial statements in a timely manner.
Request More Information
To request more information, simply submit our online Request for Management Proposal form. We’ll follow up with you to answer any questions, learn more about your Association’s needs, and discuss how we can help you.