Although technology is making it easier and easier for payments to be made online, many homeowners associations have not yet taken the steps to automate their invoices and are stuck in a time-consuming cycle. Often, HOAs have to deal with the many mistakes that can come through internal manual management of invoices and find a large portion of their time is spent taking care of these invoices. Here are six reasons to automate your invoice processing.
You Will Save Time For the Volunteers
Although the members of the board likely have a strong passion for their community, their time is also split between many other concerns. There is great benefit in outsourcing these time-consuming details so that members of the board can spend their limited time focusing on strengthening and beautifying the community.
You Will Have Easy Document Retrieval
Automating your invoicing also means that many important documents are at your fingertips and are extremely easy to find. Instead of manually searching through a file folder of papers, it simply takes a quick click and important documents can be accessed at a moment’s notice. Reports can also be generated with little effort and in a short amount of time which helps with increasing transparency regarding the association’s finances within the community. With automated invoicing, you will be able to more accurately forecast the next year’s budget and save everyone time in the process.
You Will Reduce Costs
Between paper, ink, postage, and the time spent putting together invoices, printing them, and posting them, manual invoicing can cost your association a lot of money. Automated invoicing can help reduce these material and labor costs while also helping your office to be more environmentally friendly and sustainable by reducing waste.
You Will Minimize Errors
Even when board members are meticulous when creating and sending invoices, there is still a large margin for error with manual invoicing. In addition to a great likelihood of discrepancies, there is also the possibility of mail getting lost, or of a paper invoice getting buried under the paperwork of an overcrowded desk. Digital invoices are easier to find and harder to forget.
You Will Keep Board Members Involved
Having information regarding your HOA’s finances online and easily available will increase the involvement of board members. When they can access important information quickly on their devices, it will be easier for them to press a few buttons to view this information. This streamlines many processes allowing for easy payment approvals and quicker response from board members.
You Will Get Bills Payed Faster
Instead of waiting for an invoice to travel from your office to the post office and then to the intended location, it is greatly to everyone’s benefit to immediately receive invoices. This decreases the chance of late payments on the part of residents and will also help your board to pay vendors on time and avoid late fees. Lots of online companies do this, you can learn more here.
Automated invoicing comes with very few downsides. Not only will you be saving time and money, everyone in the community will benefit from the convenience of receiving and paying their invoices online.