Why is it important to deliver financials on time?

One of the biggest challenges for association management services in Denver (and across the nation) face is getting monthly financial reports completed and done on time and accurately. Consequently, one of the biggest complaints we hear during our sales process with prospective clients is delayed delivery of the monthly financials. Sometimes Boards are months behind in receiving them. And when they do, there are errors and inaccuracies. With this kind of delay, it makes it almost impossible for Boards to make decisions for the community and have a good handle on the financial status for the HOA. It is important to have an HOA company that ensures your financials are delivered in a timely fashion.

Furthermore, non or delayed delivery leads to a breakdown of trust between the HOA Board, the Management Company, and the Property Manager. By not having a critical piece of the puzzle, all parties involved will not be able to function in their role. This will ultimately undermine the Board and the Management company as homeowners do not know how or why decisions are being made or delayed. In turn, this can lead to frustrated and angry homeowners who will feel like they do not know what is going on. This can happen in even the best run communities. By having on time and accurate financial reporting, transparency and trust are built.

By having a stable lens into the financial status of their Association’s financial status, HOA Boards can make decisions that benefit the community in both the short and long term. Property values will also increase as more people purchase homes in a stable and well-funded community. In sum, having on time delivery benefits everyone, from the management company to prospective home buyers. CAP Management’s goal of being an industry leader in Colorado, serving the Denver, Aurora, Lakewood, and other surrounding areas in terms of financials delivery, is one that we strive to meet every day. Our association management services in Denver do not only encompass sound financials – our comprehensive list of services ensures you have a competent HOA. If you are interested in management services and want to experience a meaningful difference when it comes to your HOA’s financial reporting, please get in touch, we would love to hear from you!