3 Unique Accounts Payable Challenges for Property Management

Here are 3 niche challenges in property management that you should ensure your accounts payable process can handle, and how CondoWorks can help!

Property Management has unique challenges, make sure you're well-equipped to handle them!

Automation has become more commonplace, resulting in companies having many vendors to choose from when looking into solutions. Accounts payable automation is no exception!

Here at CondoWorks, we strongly believe it is best to have an AP automation solution that is specifically designed to meet the challenges your team encounters. Property management has unique challenges, which is why our mission is laser-focused on solving them!

Here are 3 niche challenges in property management that you should ensure your automated solution can handle:

  1. The “routing” problem

Property management companies service multiple separate addresses. It’s important to ensure the correct invoice is being accounted for at the correct property!

A TRUE automated solution should ensure this happens automatically, in order to save your team time. It should also be easy to move invoices across properties if needed.

  1. Complex approval processes

Unlike other industries, property management companies often have multiple people involved in the AP process. It is important that any AP automation can be granular with the approvals process both at the invoice and payments level.

You may also want to consider how granular the user permissions can get; you may not want all those involved to have access to all invoices! The ideal solution should be able to account for multiple levels of approvals and user permissions

  1. The overwhelming number of utility bills

If you are reading this article, you probably groaned at the sight of the word “utility”. If you didn’t, it is likely because you do not see the hours spent by your staff managing utility bills! This problem is unique to the industry due to the nature of the business: managing multiple properties.

For many companies this involves oversight of hundreds (maybe even thousands) of utility bills each month across multiple accounts. Broader providers may not account for this specific challenge. Ensure your solution can handle utility bills in an efficient way.

Every industry is unique, make sure your solution is as well! Implementing a solution unique to your industry allows you to address the pains of your staff. CondoWorks is an accounts payable automation solution made specifically for property management companies.

Our solution ensures the right invoice is associated with the correct property, handles complex approval processes and user permissions, and downloads utility bills directly from online portals!

To learn more about why CondoWorks is right for your property management company, connect with our team here!

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