Can Better Bill Pay Strengthen Board-Management Relations?
- by Alana Ashby
The relationship between an HOA’s board members and their Community Manager is built on trust. The Board of Directors looks to the management company to help execute the responsibilities it has to its residents. The way a management company pays its bills can significantly impact the level of trust and overall quality of the relationship.
● Provides visibility and transparency. Board members rely on the management company to share financial information. The board also has 24/7 access to invoice and payment records. Managers can provide complete visibility for the board members. This gives the board real-time data to help with their decision making, which leads to increased productivity for the board as well the management company.
● Establishes security measures. Paper financials are vulnerable to fraud, especially with invoices and checks full of important account information. Streamlining Accounts Payable mitigates fraud risk by implementing heightened security measures and limiting access to approved personnel. This provides peace of mind for payers and payees.
● Maintains positive vendor relationships. With increased visibility and a more organized workflow, processing invoices is quick and painless, which promotes positive vendor relationships. When vendors are paid on time each time, they’re happy to take on more work.
Alana Ashby, CMCA and owner of AMI, helped to establish and served as a Board Member for Community Associations Institute (CAI) Idaho Chapter. Alana has extensive experience in all aspects of financial management, real estate development and management, as well as negotiation.
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