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6/7/2020

How can technology boost back-office efficiency and your bottom line

  • Tag for article:Community Association Banking Articles

Community association boards trust their management companies with the most important investment they have: their homes. What often separates a good management company from a great one is its back-office accounting processes. Today there are advances in technology that can streamline those tasks, enhance efficiencies, save time and increase your bottom line.

If you’re a community association management company, what technology should you be looking for? Here are three key solutions that can improve your accounting processes and the client experience.

Application Protocol Interface (API) integration

Lighten the load on your accounting staff with an API integration system. APIs facilitate communication between your company’s back-office accounting team and your bank. It gives users the ability to conduct many online banking functions right through your accounting software.

Manage incoming and outgoing payments, ACH transactions, account to account transfers and more. Need to scale up fast? With API integration, you can do that too.

Automatic bank reconciliation

Tired of the tedious and time-consuming manual process of reconciling the bank statements of your HOAs? Consider automatic bank reconciliation.

Upload an electronic version of your bank statement, and it will automatically reconcile it to your accounting ledger. Do it on a monthly, weekly or daily basis and eliminate the need to reconcile by hand. Automatic bank reconciliation can reduce errors and the risk of fraud, and free up your staff so they can focus on other areas of business.

Accounts Payable (AP) automation

Between taking in invoices, coding them, verifying amounts and cutting checks, accounts payable management can be a heavily manual process. Accounts payable automation is an easier, faster way to get the job done. It integrates with your accounting software and automates the payment of invoices, so you no longer have to process them by hand.

AP automation can increase productivity, adds a level of fraud protection and allows you to pay vendors in a much more timely manner. There may even be an opportunity to bring in new revenue through cash back earned on invoice payments.

Ready to put some of this technology to work for your community association management company? Contact CIT. We offer a range of solutions from digital payments to data exchange to an auto-reconciliation platform that can help you operate more efficiently and better serve your clients.

 

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