There are over six million small and mid-size businesses (SMBs) in the United States, and many of them with significant accounts payable needs have been neglected by their financial institution. 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 the majority of SMBs pay vendors today.
- 71% of invoices are still paper-based, so an effective solution must provide invoice processing, data extraction, and storage tools to address the real pain points for these businesses.
- 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 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 automate with AvidXchange. Continue reading to learn about all the benefits of AP and payment automation and Payables Lockbox!
Payables Lockbox is Designed Specifically for HOAs
The average Association processes 15-25 invoices per month. A medium-to-large size Association Management company will process 1500 – 10,000 invoices per month. 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. To learn more about the differentiating features of the Strongroom Payables Lockbox solution, please check out our Features page.
Our Network of Vendors is Comprised of Real Estate Clients
AvidXchange helps more than 6,000 midsize companies revolutionize the way they pay their bills. A key part of our customer ecosystem is our customers’ suppliers. We have more than 300,000 suppliers in our network today that either submit invoices or receive payments through the network, and many of those suppliers are in the Real Estate space. This means that many of the vendors and suppliers you already use are part of our network, ready to accept electronic payments!
16 Years of Experience in the Real Estate / HOA Space
Last year, we acquired Strongroom Solutions, further strengthening our position as the leading payment provider to the real estate market. 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 the industry leader in the Home Owner Association (HOA) industry, a vertical that covers 325,000 communities and 63 million Americans, and has provided AP software solutions to over 300 small and midsize businesses since 2007. 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. Due to the high degree of system and process compatibility with AvidXchange, migration to AvidXchange’s AvidPay Network can be rapidly executed and provide Real Estate and HOA clients with an easy way to maximize their electronic vendor payments.
How HOAs Can Maximize ROI & Efficiencies With AP in 2017
AP Automation can result in significant cost savings, but how can changing from a paper-based accounts payable process to an automated one truly maximize your department’s ROI? Join us on Thursday, November 17, at 12 p.m. ET for a 45-minute webinar and demonstration where we’ll discuss how AP automation can benefit your HOA by allowing you to:
• Transform your AP department into a profit center
• Leverage payables data for improved cash management
• Create scalable processes that reduce hiring needs / man hours
Join Erin Rapp, Treasury Consultant with AvidXchange, as she discusses the challenges HOA’s face today when it comes to accounts payable, and how the emergence of technology can streamline your invoice processing while improving data visibility. Space is limited, so reserve your seat today by registering below!
For joining our webinar, you will also receive our End-of-Year AP Best Practices Guide for 2016-2017.