Every HOA board member dreads the thought of having to analyze recurring bills and contract data. That’s why it’s rarely done, but the payoffs are incredible. If done correctly, you can identify key areas of opportunity to improve efficiencies, reduce costs, and ultimately lower your HOA fees.
To start, you will need:Â
- Excel spreadsheet or Google Sheet
- Access to 2-3 years of bills/invoices
- Access to 5 years of contracts
- Patience and persistence
We recommend you start with the recurring bills first and then move to the contracts.
An analysis should be completed yearly for your recurring bills. Not only should you be looking at the bills and approving them monthly, but also complete an end-of-year analysis. Once the analysis is complete, take some time to review it to ensure that you are staying in alignment with the HOA budget.Â
Remember: if you don’t measure it, you can’t improve it.Â
We know this isn’t what you signed up for when you joined the board. However, the benefits will far outweigh the costs.Â
Ready to Get Started?
To help you, we created a step-by-step guide in our Lower Recurring Costs ebook with templates and more.Â
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