Every month, you have to process an assortment of mailed and emailed invoices from contractors and vendors, enter them into your software system, reconcile if necessary (which it always seems to be), pay them on time (or not)… and that’s just for one community! The work multiplies if you’re managing more than one.
“Prior to TOPS [ONE], we were spending almost 60 hours per week on accounting and bookkeeping. Now, it has been reduced to less than 20 hours per week, and the staff has more time to support other aspects of the business.” ~ Stephen and Terri Henderson, Classic Management
Every HOA has unique needs, which means each has different processes for handling its accounts payable workload. A TOPS Representative can customize the system with the features you and your team need.
TOPS [ONE] is built to scale, so whether you manage one or several communities, you can save yourself endless headaches by knowing that there’s room to grow.
- Reconciling bills from vendors and contractors,
- Submitting tax payments,
- Creating budgets,
- and more!
Keep reading to learn about four ways TOPS [ONE] can help your HOA spend less time managing your accounts payables in 2022.
4 Ways TOPS [ONE] Can Reduce Your Accounts Payable Workload
It’s no doubt that HOA accounting is a lot of work.
With automation, lots of customizable options, vendor access, and accounting services, TOPS [ONE] can help property managers find more time to focus on other parts of their business.
Automating as many recurring tasks as possible in account payable is a huge time saver.
As an example of automated workflows, let’s look at the AP Batch Processing function. If you manage more than one community, you can print checks for all your communities at once while maintaining the standards of each. It’s easy to set up, and you can work on other tasks while the checks are printing.
Whatever that looks like for your organization, you’ll be able to design your workflows to streamline your accounting procedures. These automated business processes can be created in a matter of minutes and require zero development, i.e., don’t worry about needing to hire a software guru to make changes. TOPS [ONE] makes streamlining your accounts payables process easy for you and your team to handle.
Are you tired of spending hours creating account payable reports with a generic accounting software?
Reduce your accounting workload by creating a custom report, then scheduling it to run and send to the right people each month.
Keys Property Management Enterprise Inc. uses TOPS [ONE] to “get budgets done for nine communities in one business day”. How long would that task normally take you?
Customizable reports allow for quick and easy reporting, reducing your time compiling transactions.
It provides visibility to improve accuracy and automates what once were manual tasks like processing mail, inputting invoices, insurance payments, and vendor communication.
Vendors can submit the invoices and any relevant attachments for review and approval. If there’s an issue, you can correspond within the platform to keep everything in one place. Your vendors can even enroll to receive digital payments without interrupting anyone on your team.
One of our customers, Fidelity Management Services, reduced their labor time by 75% by allowing vendors to submit their own invoices. Imagine what your AP team can save in time and productivity.
HOA Accounting Services
With TOPS’ Financial Services Division, we offer everything from full-service to consulting and collections, so you can manage your properties and leave the accounting to us.
Our accountants only work within the CAM industry and have more than 20 years of financial expertise. We understand the industry and can help you simplify your job with our seasoned HOA accounting services.
Start Saving Time with TOPS [ONE]
Hiring an accounting firm to help with your HOA is a great way to save time with professional and knowledgeable assistance.
If you’re tired of losing time with your current process, it might be the right time to make a change.
Experience TOPS [ONE] with a demo to see how we can help your association or management company immensely reduce your accounts payable workload! Get started today by contacting a Sales Representative to learn more.
Learn how to make your AP invoice management paperless!
This will help you to:
- Quickly and easily manage vendor profiles in real-time
- Submit invoices online in just a few clicks
- Alleviate time, energy, and effort spent on invoicing
This is the resource you’ve been waiting for.