CHARLOTTE, NC (April 29, 2021) – AvidXchange, the leading provider of accounts payable (AP) and payment automation solutions for the middle market, today released a new report examining top priorities for the homeowners association (HOA) industry in 2021. According to data captured from +400 members by the Community Associations Institute (CAI), creating operational efficiencies is the foremost focus for 78 percent of respondents as they look to save money and time for their organizations. Additional priorities include making enhancements to the homeowner experience (68 percent), expanding community portfolios (56 percent), and improving the adaptability and flexibility of business continuity plans (40 percent).
As decision-makers seek out these new efficiencies, many are turning to technology to replace time consuming, paper-bound processes with automated workflows that improve critical day-to-day operations like paying bills. Among survey respondents that are passively researching or actively considering payment automation solutions, 56 percent cited overall inefficiency as their motivation for seeking out an AP solution to automate invoicing and payments, followed by 44 percent who pinpointed high paper volume and 40 percent who noted slow approvals from manual routing.
“This survey shows that community associations professionals are thinking ahead about how to achieve their 2021 goals by leveraging resources like automation,” said Tyler Gill, Vice President of Homeowner Associations at AvidXchange. “Not only will an automated solution help solve back-office inefficiencies for community managers, but it will also alleviate the 73 percent of survey respondents who have someone working in the office regularly just to check physical mail for invoices and payments.”
Optimizing AP processes through automation helps HOAs pay bills more efficiently by reducing the time and costs associated with manual data entry and paper-based processing. Automated invoicing and payments also enables enhanced security, remote access for approvals and real-time visibility for board members.
Read the full report to learn more about 2021 priorities and challenges for community management professionals and HOA board members. And to learn more about the benefits of AP automation, visit www.avidxchange.com/industries/community-association-management/.
AvidXchange is the industry leader in automating invoice and payment processes for mid-market businesses. With 1,500 employees supporting 6,000 customers across North America, AvidXchange processes over $140 billion transactions annually with more than 680,000 suppliers paid through its network. To learn more about how AvidXchange is transforming the way companies pay their bills, visit www.AvidXchange.com.