Whether your association board works with a professional manager or self-manages the association, it’s likely that the board will still need the services of other professionals like a Certified Public Accountant (CPA). The right CPA will partner with the board and provide invaluable resources.
Working With Professional Partners: The CPA
An accountant is a vital part of your association’s professional team.
Success requires that you know what the accountant does, how you can benefit from the accountant’s capabilities, and what you want and need. As you develop a long-term relationship with your accountant, your community will benefit from his or her advice, industry expertise, and wisdom.
A staff member or volunteer may take care of the bookkeeping for the association, but a CPA will be needed to conduct an audit at the end of the year. In addition, accountants provide other services that make them a valuable partner for the association.
What to Expect From Your Association’s CPA
What Accountants Do for Community Associations
Accountants provide written reports to the association.
- Audits and transition audits
- Expert testimony and litigation support
- Reserve studies
- Tax returns
- Performance reports
Accountants provide services to the association.
- Develop accounting policies and procedures
- Create the Accounting Policies and Procedures manual
- Design and implement systems for internal control
- Formulate investment policies
- Evaluate, select, and install accounting software
- Train bookkeepers and other accounting staff
- Prepare monthly or quarterly financial statements
- Make recommendations for interviewing and hiring an accounting staff
Accountants consult and advise the association.
- Educate and train board or committee members on technical matters
- Make presentations at meetings
- Evaluate and explain the work of other professionals such as engineers
- Evaluate and advise on replacement funding strategies
- Advise on budgets and long-term financial plans
- Assist in obtaining financing
- Provide business and financial advice
“Our mission is to help your community not only succeed but to achieve success with a minimum amount of anxiety and angst. If you can’t find what you need, call us and we’ll be happy to help you.”
A professional CPA is a step in the right direction to aid in the smooth operation of your community. Join the Acri Newsletter service and learn more about how Acri can assist you with professional partners. Acri knows who to use and when to deploy qualified service providers in a timely yet economically feasible manner.