Our goal at CondoWorks is to take as much pain out of the Accounts Payable (AP) process as possible. This results in an AP process that is faster, less costly, and better at making all stakeholders (management company team members, owners, boards, vendors) much happier!
To achieve this goal, our north star is making a TRUE accounts payable automation solution.
What do we mean by a TRUE AP solution? Glad you asked, read on to learn more! :)
T - Tech First
In order to achieve the highest degree of Speed and Accuracy possible, cutting edge technology must be employed.
Alternative solutions often rely on people to fill these gaps, even using people to do things like data entry?! That’s not automation, that’s just outsourcing!
A TRUE AP solution will use technology to offer features like multiple invoice ingestion methods, automatic utility downloads (more on that later!), and advanced data extraction to increase speed and accuracy.
R - Real-Time
You might say that our instant gratification society has unreasonable expectations, but when it comes to AP automation software, we say “that’s exactly right!”
During times like month-end or if you’re facing an impatient vendor who wants to be paid ASAP, you don’t want to be waiting on your AP software to process an invoice or to synchronize with your accounting system.
U - Utilities Made Easy
Utility invoices (e.g. water, electricity, gas, telecom, waste, insurance) can be a huge pain. They typically make up 20-30% of total invoice volume, can be slow to come in the mail or painstakingly tedious to download from online portals.
CondoWorks can help solve this pain by automatically downloading invoices directly from online portals. This is one of our key features that customers just love! Learn more here!
E - End-to-End
A TRUE AP automation solution should be able to help across the full AP cycle: Receiving → Approving → Posting → Paying invoices should be a breeze the whole way.
Some solutions only offer components of the AP cycle (e.g. Approval workflows or Payment options, but how do invoices get into the system?) or they don’t automate certain parts (e.g. relying on manual data entry).