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Payables Lockbox

Payables Lockbox is AvidXchange's Accounts Payable solution designed specifically to meet the needs of Home Owner Association (HOA) Management Companies, such as Board Member approval requirements. Below you will find the features of Payables Lockbox, and what makes it the leading choice for HOAs.

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Centralized Invoice Processing

Multiple properties, numerous approvers, and invoices coming in a variety of forms – these are problems that most HOAs face in their accounts payable (AP) process.  Payables Lockbox is a perfect solution for HOAs that want to centralize their AP.

The following features illustrate how Payables Lockbox alleviates the invoice presentment headaches businesses face every day:

  • Enables configuring of multiple properties
  • Enables unique invoice approval processes by property
  • Receives and processes invoices at a single AP lockbox location
  • Creates ability to track down invoices across properties through one website
  • Eliminates paper invoice storage with invoice images accessible online for 7 years
  • Reduces invoice data entry by the HOA
  • Utilizes one email for electronic receipt of invoices
  • Enables easy retrieval and reporting of paid and unpaid invoices with invoice search features

 

Approval Automation

Lost invoices, late fees, and missed supplier discounts? Paper-based accounts payable (AP) processes are susceptible to all of these.  Payables Lockbox automates these processes by routing invoices to the required approvers based on customizable workflows, which enforce the businesses desired expense approval controls.

The Payables Lockbox online system has been designed with the complex nature of an HOA’s AP process in mind.  Below are a few of the features available through the Payables Lockbox system:

  • Vary the invoice approval process by property
  • Setup approvals at each invoice approval step
  • Control the permissions for a user at each step
  • Setup conditional routing based on the details of the invoice
  • Provide daily email alerts to users to remind them of approvals in their queue
  • Decrease invoice approval time by eliminating desk floater
  • Board member approval requirements for invoices

 

Accounting System Integration

Payables Lockbox solution provides the following system integration capabilities to an HOA’s accounting system:

  • Automated integrations are available for numerous accounting system packages
  • System integration and data extraction services eliminate most data entry
  • Expense coding is available online to post to the accounting system
  • File export capabilities for both invoice and payment transactions
  • File import capabilities for vendors, GL accounts, and other lists like jobs/departments
  • Integration validation and reporting provide visibility to system integration activities
  • Online system enables business to limit AP access to internal accounting system users

Designed for HOA Management

Many Board members today want to be included in the approval process for invoices, as they are often the final signors.  With Payables Lockbox, board members no longer wait for the board meeting for approval. They simply login securely to the Payables Lockbox site, review the invoices awaiting their approval, and authorize them for payment.

For years, the Association management industry has been using products like Receivables Lockbox and ACH to easily collect homeowner’s membership dues.  Payables Lockbox is offered through industry-leading banks as a Treasury Management product to provide similar efficiencies to AP.

Justin Nelson, Co-Founder of Payables Lockbox