Property management companies are tasked with a long list of responsibilities. The managers handle everything from maintaining the property to collecting payments, juggling all of the different tasks can become very overwhelming. When it comes to the accounts payable cycle, the AP department of the company is in need of optimization in the form of an accounts payable solution.
Some bosses still tend to question the need for an automated AP solution because from their point of view, the managers have been able to handle their responsibilities. Aside from taking the pressure off AP managers, these are the best reasons why an accounts payable solution is a must for a property management company’s success:
Reason 1: Manual Payment Managing Takes Time
The more properties there are in your care, the more maintenance costs and invoices there will be to manage. All of these invoices that pass through your company’s AP department have to be paid on time or risk paying expensive late fines that will have a major impact on the company’s profitability. An automated payment system allows for faster invoice processing while also managing the company’s expenses.
Once all payments are made electronically, there is no fear about losing paper checks in the mail or misplacing copies of important invoices. Everything important can be accessed by the AP managers in just a few clicks to ensure the invoices are processed as efficiently as possible.
Reason 2: Paper-Based Payments Are An Inconvenience
At first glance, a property management office is always busy filing paperwork for invoices and payments. Sticking to a manual payment processing solution makes the office look very disorganized and chaotic. In the property management business, payments aren’t the first priority, it is supposed to be the clients and the tenants, but with too many paperwork to handle, companies cannot make time for their priorities which earns them a bad reputation.
By automating the payment process, efficiency is enhanced significantly and managers do not have to go through a steep learning curve. Once the system has been automated juggling different payments will no longer take up most of the manager’s time and they can no focus on their clients and tenants.
Reason 3: Automation Encourages Growth
Scaling up and expanding as a company is near impossible when the AP department is still processing payments and invoices manually. If managers are already struggling to keep up with current demands imagine how the department will handle more properties in the future. An automated system keeps the manual workload down to allow for company expansion.
If you think that your property management company deserves to grow it is in everyone’s best interest to invest in an automated payment system.
The Future Is Automated
While the company has been able to manage and juggle everything using only manual payment solutions, it is time to accept that automation is the best solution. AP automation is a great way to enhance the invoice processing and also avoid overworking loyal property managers. Think of the system as an investment in the company’s successful future.
If you are in the real estate business, Nexus has the perfect accounts payable solution that will make life so much easier for managing properties. Contact us for a demo!