Accounting and Collections

Accounting is a major component to running a healthy homeowners association.  Accurate and timely financial information allows for informed board decisions. Financials are posted on the website each month adding a level of transparency vital to running a successful association.  Yearly association budgets are posted as well in an easy to understand format.  Our accounting team has years of experience and is knowledgeable about the legal aspects of homeowner associations. 

Our industry specific software includes easy to understand statements and a variety of payment options including convenient online payments 24/7.  

Our comprehensive services include:

• Collection of assessments
• Processing of homeowner payments, late fees and interest
• Complete financial accounting including monthly balance sheets, income and expense statements, and aged receivable reports
• Bank account management
• Tax preparation, coordination of audits, and filing required business reports
• Assist board members with setting up operating and reserve accounts

Collections

Using our industry specific accounting software, we have a streamlined and efficient approach to collections that allows our accounting department to generate collection letters in a timely manner.  We abide by the collection policy for each association ensuring that all steps have been completed before starting the next one.  Our in-house services offer a consistent and thorough process that is effective and successful.  Some of the services include:

• Collection and demand letters
• Lien filing and release
• Preparing files for attorneys and communicating with them with no additional costs  
• Coordinating personal suits with attorney and providing updated information as requested by the attorney

We are pleased to offer associations this service with the goal of saving you money and providing a thorough collections process overseen by our accounting staff. 

Diversified Property Management will provide demand letters and lien services at a substantially lower cost than attorneys charge.  For accounts that require personal suits and wage garnishments, we will continue to use the association’s attorney or will provide your Board with a list of attorneys.