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Top 3 Reasons for HOAs to Consider AP Automation

October 17, 2016
stack of coins next to paper cut out of house

When it comes to providing a cost-effective and viable solution for their AP, traditional bill-pay just doesn’t cut it. Why?

  • Old-fashioned bill-pay systems ignore invoice presentment, but that’s how many of SMBs pay vendors today.
  • Tight internal expense controls are no longer only a large corporate concern. SMB’s demand enterprise-level internal controls before money leaves their accounts.
  • Cost reduction in AP must include integration with the accounting system, and most SMBs don’t always have the resources to do this work themselves.

In today’s blog, we’ll take a look at the top three reasons HOAs and SMBs in the Real Estate industry should consider AP automation.

1. Payables Lockbox is Designed Specifically for HOAs

Payables Lockbox centralizes and processes your paper and electronic invoices at a single location. We will perform some of the data extraction for you, such as Association, vendor, invoice number, amount, and relevant dates. This leaves managers with the simple task of reviewing the invoice image online, assigning expense coding, and approving it for payment.

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 log on securely to the Payables Lockbox site, review the invoices awaiting their approval, and authorize them for payment. Since 2007, Payables Lockbox has been helping businesses all over the US reduce the amount of paper in their AP and securely pay their vendors.

2. Our Network of Vendors is Comprised of Real Estate Clients

A key part of our customer ecosystem is our customers’ suppliers. We have suppliers in our network today that either submit invoices or receive payments through the network. This means that many of the vendors and suppliers you already use are part of our network, ready to accept electronic payments!

3. Experience in the HOA Space

Last year, we acquired Strongroom Solutions, further strengthening our position. With the majority of our clients in the Real Estate space, this merger has provided clients with a more comprehensive solution for Home Owner Associations (HOA), and also optimizes clients’ payment mix with expanded payment offerings.

Based in Houston, Strongroom is an industry leader in the Home Owner Association (HOA) industry. The company has developed a SaaS platform that provides payables services that are highly integrated with a variety of accounting systems, with a specific focus on the HOA industry.

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