Effective Budgeting and Financial Management for Owner Associations

Prudent financial management is one of the most important responsibilities of an Owner Association Management (OAM) body. Collecting service charges, utilising these effectively, and ensuring their correct usage is the foundation on which all their other responsibilities rely. ANACITY’s financial management module is designed to handle the twin functions on a single platform, thus enhancing the effectiveness and efficiency of an OAM. 

Effective budgeting with ANACITY

How adequate are the service charge collections? Are these being utilised judiciously? Effective budgeting is instrumental in understanding the efficacy of our financial planning and whether the various budgetary outlays are adequate. 

Effective budgeting makes sure that all available funds are being leveraged to meet the objective of improving the residential experience in every community. ANACITY is designed to promote effective budgeting through the following means:

  • Ensuring timely payment of service charges with an automated payment gateway.
  • Plan expenses and allocate budget under various categories and sub-categories. 
  • Get defaulters’ reports to track lagging payments. 
  • Instant access to the Budget Variance Report tells us where the budgetary outlays are falling short. Thus, community managers can identify areas of over-consumption. This information can be used to optimise consumption or to reallocate the budget as per more realistic estimates. 

Financial management 

Financial management is the next step in effective budgeting. It ensures financial discipline, timely reporting, facilitates fiscal monitoring, and promotes transparency. With ANACITY, community managers can:

  • Tracks expenses under various categories and sub-categories.
  • Eliminate suspense entries, ensuring that all expenses are recorded in a transparent manner. 
  • Get instant access to more than 100 financial reports, including balance sheets and profit and loss statements. 

If you want to know more about effective budgeting with ANACITY or to schedule a free demo, get in touch with us at sales@anacity.com or visit www.anacity.com.