Melanie selected TOPS IQ, a predecessor to TOPS [ONE], and when TOPS [ONE] became available a year later, she was eager to upgrade to the newest option. “At the time, it was fairly new software for TOPS also. So we were thrown in there and started swimming. We were very happy with the TOPS support system, and the way TOPS understood our problems and helped us figure things out.”
It was also a major asset that TOPS focused on homeowners associations versus commercial buildings, Melanie said. “Going from an apartment building to managing an association, you’re managing a corporation with stockholders and board members in a homeowners association. The financials are different, and you follow different laws and regulations.”
Melanie Barkodarian has always been one to try new things. Often it was for the sake of knowledge, efficiency, or accomplishment. So, it was no surprise that when TOPS [ONE] introduced VendorAlly as part of its homeowner association management platform, Melanie was one of the first to implement it for Fidelity Management Services, which manages 3,000 doors just outside of Los Angeles, California.
VendorAlly streamlines payments so vendors can invoice and get reimbursed faster, which is an attractive option for vendors seeking opportunities with preferred associations like Fidelity Management Services.
With VendorAlly, the vendor submits the invoice and is responsible for its accuracy. VendorAlly sends the vendor notification of any problems, and the vendor resubmits the invoice. When an invoice is approved, the system issues payment directly into the vendor’s accounts.
“It’s a lot of time off our table where we can concentrate more on the management of the association rather than doing paperwork,” Melanie said. Having vendors submit invoices takes about 75% of the labor time away from the HOAs, Melanie said. With a thousand vendors for all of the communities, Fidelity Management Services gets a lot of invoices. Before VendorAlly, it could take each invoice two weeks for the vendor to receive payment. With VendorAlly, vendors can get paid in five days, 50% faster.
For vendors, the chance to get their money quickly is an enormous advantage, said Melanie. Invoices don’t get lost in the mail. The association doesn’t incur late fees if payments to vendors, like utility companies get delayed in the mail. Vendor payments are more accurate, and the accounting process is streamlined, she said. About 600 (58%) of Fidelity Management Services vendors now use VendorAlly, Melanie said.
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