Questions to Ask Before Hiring an HOA Accountant or Management Company

HOA Board Roles

Before hiring an HOA accountant or management company, ask who controls the bank accounts, what reports you’ll get each month, how fast they reply, what’s included in the price and how easy it is to leave. The right answers keep the board in control of the money and make the books easy to trust.

First, decide what you need

Self-managed boards often hire an accountant only. Managed associations sometimes hire a separate accountant for stronger oversight. See self-managed HOA accounting.

Questions about experience

• How many associations like ours do you work with?
• Do you work with condo buildings, planned communities or both?
• Do you know Colorado’s CCIOA rules on budgets, collections and reserves?
• Can we talk to a current board, if we ask?

Questions about money and control

• Who are the signers on our bank accounts?
• Who approves payments, and how?
• Do you ever hold association money in your own accounts?
• Will the board have direct access to bank statements?
• Are all accounts reconciled every month?

Questions about reporting

• What reports do we get each month, and by what date?
• Do you include budget vs actual, reserves and a delinquency list?
• Which accounting method do you use? See cash vs accrual.
• How do you handle collections under Colorado’s rules?

Questions about people and service

• Who do we call, and how fast do you reply?
• Do you attend board meetings? During what hours?
• Are you local, or a national company with a remote team?

Questions about price and terms

• What’s the monthly fee, and what’s included?
• What costs extra: tax returns, 1099s, special projects?
• How long is the contract, and how much notice to end it?
• How often does the fee change?
• How do you hand records back if we leave?

Colorado’s 2026 law gives associations leverage on that last point. A former management company that doesn’t return records on time owes the association $250 for each business day it’s late, unless the contract says otherwise (HB26-1099).

How we answer these

• Experience: thousands of doors across Colorado.
• Control: the board approves every payment and keeps its signers. We can send board-approved ACH payments from the association’s own bank. We never hold association funds.
• Service: a local Frisco firm. A real person is one call away, and we reply within one business day. We meet with boards during business hours.
• Price: HOA accounting starts at $200/month. Tax returns from $400. 1099s $15 each.
• Terms: no long-term contract, 90 days notice. The fee adjusts 3% a year after year one.
• What we’re not: an accounting firm, not a management company. We don’t do audits, reviews or compilations.

See our HOA accounting services and pricing. Denver metro boards can see our HOA accounting services in Denver.

Red flags when comparing providers

• They want to be the only signer on your accounts.
• Association money runs through their own accounts.
• Monthly reports are vague, late or missing bank reconciliations.
• Long contracts with large exit fees.
• No clear answer on who you’ll talk to, or how fast.

Any of these is worth a closer look before signing.

Key takeaways

• Decide whether you need management, accounting or both.
• The board should stay on the bank accounts.
• Ask for a sample monthly report.
• Know what costs extra.
• Check the contract term and notice period.
• Ask how records come back if you leave.

This is accounting education, not legal or tax advice.

FAQ

What’s the difference between an HOA accountant and a management company?

A management company runs day-to-day operations: vendors, maintenance, rules and owner issues, often with accounting included. An HOA accountant handles the books: dues, bills, reconciliations, reports, budgets and taxes. Many self-managed boards hire an accountant only.

Should the board stay on the bank accounts?

Yes. Board members should remain signers, approve payments and have direct access to bank statements, whoever you hire.

What happens to our records if we switch providers?

Colorado’s 2026 law, HB26-1099, requires a former management company to return association property and records on time, or pay the association $250 for each business day it’s late, unless otherwise agreed in writing.

How long a contract should an HOA sign?

Look for reasonable notice terms and no long lock-in. Powder uses no long-term contract and 90 days notice.

Sources

• HB26-1099 (records turnover)
• Powder: HOA accounting cost