Accurate association accounting is key to your growing management company. Error-free accounts payable (AP) and accounts receivable (AR) can make or break your business. Spotting ways to boost accounting performance while saving time and money is crucial to reaching economies of scale profits.

Accounting software has been available almost as long as there have been computers. In the past, software centered on fundamental functions, including general ledger, payroll, AP, and AR. Today, accounting software performs those functions while also tracking cash flows, recording financial transactions, paying invoices, generating board reports, and more.

According to Fortune Business Insights, more organizations than ever are embracing tech-centric strategies. Automation and cloud-based software are vital to boost accounting accuracy and provide cost-savings and flexibility for company expansion. Accounts payable and accounts receivable are the two main areas that can benefit from cloud-based software applications.

Accounts Payable

Many association management businesses struggle with keeping vendors on top of their IOUs. AP workers can become easily overwhelmed with mundane work and other challenges that slow down the process. If your team manually inputs data into a legacy software system, it most likely faces:

Accounts Receivable

A reliable income stream is the bedrock of any thriving company. However, accounts receivable can be a chronic pain point for association management company CEOs, owners, and leaders. Late payments and accounting inefficiencies can hamper businesses looking to expand. Frequent pain points to be aware of and improve include:

By selecting a centralized, multi-faceted software solution, you can maintain accurate AP and AR records. Deliver a seamless user experience to your boards and homeowners and empower your association management company to scale profitably.