Feb. 14, 2013
-- In the world of Homeowners Associations and Property Management, there are many different innovations that have happend to improve an HOA. Through the use of technology there are many ways that HOA's can benefit from better service, and much better prices. In the following blog we will discuss three key things that help HOA's become more efficient and run better.
First, using a lockbox. In the past it was ok to use your local bank to store your funds and conduct other banking functions. However today, with the introduction of the lockbox service and automating your receivables, you can outsource much of the accounting and manual work to a lockbox that will input the payments for you. They will then send a file in multiple formats that uploads into your system, and most of the time they will do this at no charge. There isn't a good reason to turn something like this down. Someone else is doing all the work at no charge, and you have the ability to lower theft, and improve accuracy.
Automating Accounts Payables. The same way you have the ability to outsource your receivables, you can provide the same type of solution for your payables. When your vendors send you invoices, they are directed either to an online e-mail address, or a PO Box. Once received a third party vendor such as http://www.bill.com
that will key in much of the information, and then place that electronic invoice in your inbox for you to work on. From here your accounts are preloaded in their software from your accounting software such as Quickbooks, therefore you can begin to code the invoice. The invoice can then be passed along to certain board members or other key personnel who may need to approve the item. All of this is done from a simple Internet access.