Financial management is key to achieving your company’s organizational goals and growth objectives.
Your CFO or financial team should have a thorough understanding of how to organize, direct, plan, and control your company’s assets and liabilities. This includes the utilization and procurement of its funds, and the monitoring of operational items like accounts receivable and payable, expenditures, revenues, profitability, and cash flow.
Furthermore, to reap economies of scale benefits, your short-term cashflow goals may need to be sacrificed for your long-term objectives. For example, you might incur higher expenses this month to make a one-time investment in new technology.
Investing in Association Management Software
Association management profit margins are thin, and new technology does not often come cheap. For this reason, a one-time association management software investment may seem like a difficult decision.
Maybe you have heard multi-faceted cloud-based software can help your day-to-day business and scale your company. However, you wonder if it will create enough value and provide an acceptable ROI to justify the price. Let’s look at how association management software can help your long-term financial management goals and generate profit for your business.
Achieve Your Financial Management Goals Using Association Software
Cloud-based, integrated software can help your company capitalize on its available and potential resources with:
- Multi-level portfolio analysis — When monitoring your company’s financial health, this software can show you big-picture trends as well as individual property details. These insights provide you the information you and your team need to optimize financial management decisions for your company.
- Board package automation — Time equals money. Save your accounting team hours of repetitive work with automated financial reports ready just days after month’s end. Additionally, fast report turnaround increases board transparency and satisfaction.
- Expedited AR — Improve your day-to-day cashflow with fast, error-free deposits. Association management software allows you to accept real-time homeowner payments online and through a dedicated lockbox. Assessment invoices can be generated automatically, streamlining AR workflow from beginning to end.
- One-click AP — Request, approve, and pay vendor invoices on one centralized platform. Management software allows you to track and instantly pay your AP, so the entire process is organized and efficient.
- Cohesive banking and accounting — Fully integrated financial management software consolidates your business team’s bookkeeping, account management, and fund transfers. Use one login to control all of your company’s financial operations rather than shifting from website to website.
- Gateway to information — Ensure that your team can keep a finger on your business’s pulse. Implement a system that offers instant access to your company’s financials. Enjoy real-time transaction reconciliation, smart device access, digital account statements, and check image capture.
There is no one-size-fits-all approach to financial management. Every association management company will devise strategies that align with its own particular needs and goals. If your goals include maximized growth and long-term profits, association management software is an excellent investment.
