The ordeal of sitting down with a stack of bills, a pile of envelopes, and your checkbook is dead and gone for many of us. Online banking has exploded for all consumer age groups, and more than half prefer online bill pay. So, why would your HOA Board continue to manually paying bills and reconciling paper checks? Probably because that’s the way it’s always been done, and the Board members haven’t explored the online option.
Online invoice approval and bill pay is a secure option that is common for businesses, homeowner and condominium associations. Best of all, it’s much faster so you don’t burn away an afternoon just paying the association invoices. It can also result in fewer late fees because turnaround time is reduced.
When you move your accounts payable online, you receive an email notifying you that invoices are ready for review and approval. Invoices have already been scanned, relevant data extracted and coded to the appropriate account before you see them. Backup information and scanned images are there for your review, so your job is done when you approve or reject the pending invoices. The system handles all notifications and generates checks for approved invoices.
Another advantage for online Accounts Payable is that all Board members have real-time access to paid bills. No more searching through the paper records, phone calls or emails to try to find out if a bill has been paid. Payment history is available online 24/7.
Every invoice has an audit summary that shows who reviewed the invoice and when it was approved, rejected, or placed on hold. This audit trail makes it easy to access old information as well as change responsibilities of Board members. You can continue to write paper checks if an emergency situation arises, and add the appropriate backup to the system so you have a complete online record.
If these online capabilities are important to your association, work with your property management company to transition to this technology. Talk to your Property Management Company to see if they offer this technology. Many have already invested in the software and can help you transition at little or no cost to your association.
Investigate the benefits that an online Accounts Payable system can offer your Association—from saving time paying invoices to creating an audit trail and more. Better management for your HOA Board’s finances is just a click away.