For Better or Worse—Bill Pay to Strengthen HOA Relationships
Like any relationship, one built on trust is an important one between an association's board members and its community association management company. It's the primary reason this relationship exists in the first place. A board of directors calls on a management company to help execute the responsibilities it has to its residents. Therefore the way a management company pays its bills can significantly impact the level of trust and overall quality of the relationship—for better or worse.
AP TECHNOLOGIES
Fortunately, new technologies optimize accounts payable (AP) to ensure management companies' bill pay processes are safe and secure. Below is advice for board members to consider when choosing a management company to provide transparency, establish security, and maintain positive third-party relationships.
PROVIDE TRANSPARENCY
With management companies deeply involved in daily operations, board members rely on them to share financial information.
Optimizing AP facilitates transparency. It does this by providing 24/7 access to invoice and payment records. Advanced reporting functions allow managers to provide board members with complete visibility without all of the back and forth. This policy arms the board with real-time data for better decision-making, leading to increased productivity for everyone involved. All the while, avoiding deep dives through a sea of filing cabinets free up managers' valuable time.
ESTABLISH SECURITY
Paper-based AP is vulnerable to fraud and unauthorized access. This problem is incredibly real when it comes to invoices and checks full of important account information. Financial loss and a tarnished board reputation would undoubtedly put a strain on this relationship.
Streamlining AP mitigates fraud risk by implementing heightened security measures and limiting access to approved personnel. Doing so provides peace of mind for payers and payees alike.
MAINTAIN POSITIVE THIRD-PARTY RELATIONSHIPS
Sustaining healthy vendor relationships is a top priority for association boards. Keep in mind that supporting business partners ensure the organization is operating to its full potential.
With increased visibility and more organized workflow, processing invoices is quick and painless, promoting positive vendor relationships. Paying vendors on time, every time, they're happy to take on more work.
CONTACT US
It all adds up to daily processes that management companies can consistently count on, and board members can trust. That is the type of foundation we like to build upon at Condominium Associates. Our AP services include a portal for homeowners to safely and securely make transactions and pay their HOA fees.
To learn how your company can trust board members through an optimized AP process, please contact us for more information.
