Client Snapshot
Industry:
Community Association Management
Location:
Texas, USA
Portfolio Size:
55+ Homeowners Associations (HOAs)
Service Scope:
HOA Financial Reporting & Month-End Close
Key Highlights
Scale:
Month-end close for 55+ HOAs
Ramp-Up:
Process stabilization across associations
Quality:
Improved accuracy through review controls
Delivery:
Timely reporting with reduced revisions
Client Background
The client is a Texas-based community management firm managing financial operations for over 55 HOAs across a residential portfolio.
Due to past outsourcing challenges, the firm faced low confidence in external partners. Financial reporting lacked consistency, documentation was incomplete, and processes relied heavily on individuals.
As the portfolio expanded, maintaining accurate and timely financial reporting became increasingly difficult, requiring improved process control and execution discipline.
Business Challenge
The client faced several operational, process, and financial reporting challenges that impacted accuracy, efficiency, and overall reporting timelines:
Inconsistent Financial Reporting
Financials were prepared inconsistently, leading to errors and repeated revisions.
Incomplete Documentation
Missing records and weak handovers required backtracking and delayed close timelines.
HOA Accounting Complexity
Limited familiarity with HOA-specific accounting impacted accuracy of accruals and reconciliations.
AR Dependencies
Delays from accounts receivable caused frequent updates to financial statements.
Resource Constraints
Exit of the primary accountant disrupted continuity and increased operational pressure.
OHI's Approach & Solution
Follow-Up and Coordination
- Daily and weekly tracking of open items
- Faster resolution of dependencies
- Improved cross-team coordination
Checklist-Based Execution
- HOA-specific month-end checklists
- Consistent processes across associations
- Reduced variability in reporting
Centralized Knowledge Base
- Shared SOPs and HOA-specific notes
- Reduced dependency on individuals
- Improved continuity
Pre-Close Preparation
- Early accruals and reconciliations
- Better workload distribution
- Reduced month-end pressure
Review Controls
- Second-level reviews for key HOAs
- Improved validation before reporting
- Higher accuracy
Results & Impact
| KPI | Before OHI | After OHI | Improvement | |
|---|---|---|---|---|
| Delays due to missing inputs and dependencies | Timely and predictable close cycles | On-schedule reporting | |
| Frequent errors and inconsistencies | Improved accuracy through reviews and controls | Fewer errors | |
| Revision Cycles | Multiple revisions due to AR delays | Issues resolved before close | Reduced rework | |
| Operational Consistency | Reliance on individuals and fragmented processes | Standardized workflows and shared documentation | Improved stability | |
| Team Efficiency | Time spent on corrections and follow-ups | Streamlined workflows and better coordination | Better productivity | |
| Client Confidence | Low confidence due to past outsourcing issues | Consistent delivery and communication | Trust restored |
OHI improved reporting accuracy, reduced delays, and stabilized financial operations across the HOA portfolio, enabling consistent and reliable financial close processes.
“OHI improved the accuracy and consistency of our financial reporting while reducing delays in the close process. We now have greater confidence in both our numbers and reporting timelines.”
Finance Director
Texas Based HOA Management Company
Improve Financial Reporting Across HOA Portfolios
Drive accuracy, consistency, and timely reporting across your associations.
