Handling Accounts payable (AP) is a challenge that property managers can easily solve with the right resources. Whether you oversee single-family rentals, multi-family rentals, condos, commercial properties, vacation rentals, or industrial properties, you probably manage many bills and expenses. Imagine dramatically cutting the time and cost it takes to handle AP.
According to the 2017 State of the Property Management Industry report and the National Association of Rental Property Managers, maintenance and repairs are the number one service offered by property management firms, with 86% offering this service.
Among survey respondents, one in three reported that maintenance and efficiency are their biggest challenges. Lucky for those managers, AP automation can help with both of those areas at the same time.
Property management software can help track expenses by property and issues, but when it comes time to make the actual payment, you may be stuck going to a slow manual check writing process or clunky online bank bill pay system. With AP automation, the process from invoice to payment can be reduced to just a few clicks, and the payment automatically goes from your bank account to your vendor’s bank account. No paper check needed.