TLDR
Enumerate (formerly TOPS Software, quote-based pricing) has the strongest native accounting engine in HOA software with true accrual accounting and multi-fund support. Buildium ($62-$400/mo with 30-50% hidden fees) has the broadest feature set with nearly 2,000 Capterra reviews. Both are designed for professional management companies. Enumerate has the deeper reserve accounting; Buildium has the better user experience and review track record. For self-managed volunteer boards, both are overbuilt and overpriced.
| Feature | Enumerate | Buildium | BoardStack |
|---|---|---|---|
| Monthly cost | Quote-based | $62–$400/mo tiered | $20–$99/mo |
| Reserve fund compliance | No | No | Built-in, state-specific |
| Built for | Professional management | Professional management | Volunteer boards |
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See plans & pricingThe accounting depth comparison
This is a comparison of the two deepest accounting engines in HOA software. Enumerate and Buildium both take financial management seriously, but they approach it differently.
Enumerate: depth over everything
Enumerate’s accounting engine was built over 30+ years as TOPS Software. True accrual accounting with multi-fund support means every transaction is properly allocated across operating, reserve, and special assessment funds with full double-entry bookkeeping. Reserve fund tracking is the most comprehensive available: component schedules, remaining useful life, funding projections, and actual-versus-target reporting.
This depth comes at a cost. The interface has not kept pace with the accounting engine. Capterra reviews consistently describe it as outdated. The 3.8/5 rating across roughly 45 reviews is the lowest among major HOA platforms. The learning curve assumes a bookkeeper or accountant is operating the software, not a volunteer treasurer.
Quote-based pricing means you cannot evaluate cost without a sales call.
Buildium: breadth and scale
Buildium has full fund accounting with trust accounting and GAAP-recognized financial reporting. Reserve fund separation works properly once configured. The Lumina AI Suite (Premium tier at $400/month) adds AI-powered bill scanning, writing assistance, and conversational AI.
Buildium’s advantage is scale and validation. Capterra 4.5/5 across nearly 2,000 reviews. Acquired by RealPage for $580M in 2019, then RealPage taken private by Thoma Bravo for $10.2B. The platform is not going anywhere.
The hidden fees are the tradeoff. A 100-unit HOA on the Essential tier paying dues via EFT pays $62/month base plus $235/month in EFT fees ($2.35 x 100), totaling $297/month before bank setup fees ($99/account) or eSignature charges ($5/document).
What volunteer boards actually need
Both Enumerate and Buildium are enterprise tools designed for professional management companies. The accounting depth of either platform exceeds what most volunteer boards will use. A treasurer who logs in once a month to run reports does not need true accrual accounting with multi-fund ledger support — they need fund separation that works by default and compliance tracking that alerts them when something needs attention.
We built BoardStack for that use case. Operating and reserve funds are separated structurally. Reserve study targets are tracked. State-specific compliance alerts are included. The interface assumes a volunteer, not a CPA. The price is $20–$99/mo flat with no hidden fees and no sales call required.
| Feature | Enumerate | Buildium | BoardStack |
|---|---|---|---|
| Pricing | Quote-based | $62-$400/mo + fees | $20–$99/mo flat |
| Accounting depth | True accrual, multi-fund | Fund accounting, GAAP reporting | Fund separation, reserve tracking |
| Reserve fund tracking | Most robust available | Strong (properly configured) | Dedicated compliance tools |
| Capterra rating | 3.8/5 (~45 reviews) | 4.5/5 (~1,969 reviews) | N/A (new) |
| Target customer | Professional management cos | Professional management cos | Self-managed volunteer boards |
| AI features | No | Lumina Suite (Premium) | No |
| Interface | Outdated (per reviews) | Modernized | Built for volunteers |
| Hidden fees | Unknown (quote-based) | $2.35/EFT, $99/bank, $5/eSign | None |
PROS & CONS
Enumerate
Pros
- Deepest native accounting: true accrual with multi-fund support
- Most comprehensive reserve fund tracking in the HOA software market
- 30+ years of HOA-specific accounting development
Cons
- 3.8/5 Capterra rating -- lowest among major platforms
- Outdated interface with steep learning curve
- Quote-based pricing, no transparency
PROS & CONS
Buildium
Pros
- 4.5/5 Capterra across nearly 2,000 reviews -- strong market validation
- Full fund accounting with trust accounting and GAAP reporting
- Lumina AI Suite on Premium tier for bill scanning and automation
Cons
- 30-50% hidden fees on top of base price ($2.35/EFT, $99/bank account, $5/eSign)
- Built for professional management companies, not volunteer boards
- Essential tier at $62/mo becomes $297/mo for 100-unit HOA with EFT fees
Q&A
How do Enumerate and Buildium compare on accounting?
Enumerate has the deeper accounting engine: true accrual accounting with multi-fund support built over 30+ years. Buildium has strong fund accounting with trust accounting and GAAP-recognized reporting, plus the Lumina AI Suite for automated bill scanning on Premium. Both handle reserve fund separation properly once configured. Enumerate is deeper; Buildium is more accessible.
Q&A
Which platform has better support?
Buildium has significantly better support based on review data. Capterra 4.5/5 across nearly 2,000 reviews versus Enumerate's 3.8/5 across roughly 45 reviews. Enumerate reviewers frequently cite slow support response times and persistent bugs. Buildium offers Priority support on the Premium tier.
Q&A
Is either platform appropriate for a volunteer board?
Neither is designed for volunteer boards. Enumerate assumes accounting expertise and daily use. Buildium's hidden fees make the actual cost 30-50% higher than the base price, and the platform is built for professional property managers. Self-managed boards should evaluate tools built for their context: BoardStack ($20–$99/mo) for reserve compliance, PayHOA ($49/mo+) for all-in-one management.
Verdict
Enumerate wins on accounting depth. Buildium wins on breadth, user experience, and market validation. Both are enterprise tools for professional management companies. For self-managed boards that need reserve fund compliance without enterprise complexity, BoardStack ($20–$99/mo flat) provides fund separation and compliance tracking designed for volunteer treasurers.
Frequently asked
Common questions before you try it
Which has better reserve fund accounting, Enumerate or Buildium?
Which is easier to use, Enumerate or Buildium?
Can a self-managed board use Enumerate or Buildium?
Ready to protect your board?
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