Association Financial Management
Budgeting
At Next Generation Management & Accounting Services (NGMA), we believe in Budget Smart Management. We recognize that an Association’s financial position should guide management priorities, planning, and day-to-day decision-making.
Because Associations operate within annual budgets and a significant portion of expenses is often dedicated to repair and maintenance, our managers and assistants are extensively trained to understand Association financials and monitor expenses on a monthly basis.
This proactive approach helps us identify trends, manage spending responsibly, and support informed decisions that align with the Association’s budget and long-term goals.
Financial Reporting
At NGMA, we believe in full financial transparency. Association financial reports are prepared and provided monthly to help Board Members stay informed and make confident, data-driven decisions.
Our standard monthly financial package includes:
- Balance Sheet
- Income Statement, including Profit & Loss and Budget vs. Actual
- Aging Report
- General Ledger Trial Balance with Detail
- Bank Reconciliations
- Corresponding Bank Statements
NGMA utilizes CINC Systems as our accounting and management software. The platform provides robust reporting capabilities and allows us to generate and customize a variety of financial reports based on the specific needs of each Association.
Accounts Payable (A/P)
Accounts Receivable (A/R)
Accounts Receivable (A/R)
All associations run on interconnected cycles of revenue and expenditure. The Accounts Payable is the amount of money that an association owes to vendors/suppliers for providing their services/supplies. The goal of the AP process is to ensure the legitimacy and accuracy of any payment.
At NGMA, we utilize the DATA Method:
- Determine - Property Manager
- Assign - Accounts Payables
- Track - Board Member
- Analyze - Board Member
Accounts Receivable (A/R)
Accounts Receivable (A/R)
Accounts Receivable (A/R)
With the Association’s secure, customized website, homeowners can conveniently access their account information online. Homeowners can view their ledgers in real time, make payments, review balances, and access available financial information through an easy-to-use platform.
Our homeowners consistently appreciate the convenience and accessibility of the online tools we provide.
Once the Association establishes a collections protocol, NGMA monitors delinquent accounts and issues notices in accordance with the approved parameters and timelines, helping the Association maintain a consistent and proactive collections process.