The way an association management companies pay bills has a big impact on overall business, because it impacts more than just their business. Timing, security and visibility into payment status matter just as much to the association boards they manage and the suppliers they’re paying.
So, if you’re a management company evaluating solutions to streamline your AP process, it’s important to consider how the potential options would address the needs of your other key stakeholders.
Here’s three key areas to keep in mind:
The HOA Board Member Experience
To reduce complexity for your board members, seek out an AP solution that allows for customizing user permissions and visibility. Your AP team should be able to manage all of your association data in one place but limit the board member’s visibility to just his or her own association. This streamlines the user experience and provides peace of mind to your other associations.
Invoice and payment details should be provided in an easy-to-read, secure dashboard available 24/7 for maximum convenience and access. It should also feature an intuitive, user-friendly interface so board members can immediately find the information they need and quickly perform tasks.
Other essential components for board members include mobile invoice review and intelligent workflow routing that uses invoice characteristics (vendor type, amount, expense type) to determine if a board approval is required.
Solutions that go the extra mile will also have board member training materials available to ease the onboarding and adoption of the solution.
Supplier Requirement and Preferences
HOA suppliers are diverse, ranging from landscape firms to state-owned utilities. Their technological capabilities vary, and not all are able to send invoices electronically.
It’s important that your AP solution allows these suppliers to both send invoices and get paid by their preferred method. Seek out solutions that can automate the capture of paper invoices in addition to receiving them electronically. This ensures that your team does not have to shoulder the burden of scanning invoices that still come through the mail.
Secure and Centralized Account Data
Wouldn’t it be nice if you could find all of your bank account and check signer information in one centralized place? That’s where AP solutions can help, by providing a single secure portal where you can store, access and manage all of your critical information, no matter how many different banks and accounts are involved.
Account and signature updates can be frequent. Look for solutions that allow you to quickly and easily make updates and changes to this information to avoid any unnecessary payment delays.
Premier AP Automation solutions can offer multiple electronic payment methods but you may also encounter scenarios where it’s preferred to have a check written off an operating account. Your AP automation solution should provide an option to do so while still automating the print and delivery of custom checks.
There are many other factors to consider when evaluating AP automation solutions. A good place to start is with solutions purpose-built for HOA management companies. They’re more likely to include features that address the needs and requirements of the key audiences involved. AvidXchange™ Strongroom is one of them.
To learn more or, better yet, to set up a demo, contact us here.