Leverage Technology and Teamwork to Improve Accounts Payable

by pimnj, January, 25 2021

By: Jennifer Laauser, Operations Controller
RCP Management Company

Making sure that work is done when needed, utilities stay up and running, and association vendors are paid timely are all important parts of keeping an association running smoothly. In order for these things to happen, the association’s payables should run as efficiently as possible. Knowing your budget, paperless options, and partnering with the right professional management team are a couple of ways you can help simplify your association’s payables process.

Know Your Budget

Planning ahead and creating an effective budget is key to ensuring you can meet the demands of an association’s expenses. Keeping up with funding reserves and spending according to reserves studies can also assist in making sure you can pay for more costly projects down the road.

Paperless/Digital Options

Not only do paperless options have a positive impact on the environment, but they can also have a positive impact on managing your payables process. Having a paperless option to submit bills is an effective way to make sure you receive your bills promptly. When reviewing bills, having a digital/paperless solution is a convenient way to be able to view and manage current or past invoices at any time.

Management Team

Working with the right management team can help in simplifying your association’s payable process. A management team can assist with budget planning, offer efficient payables tools and solutions, as well as provide a knowledgeable staff to help meet your payables goals.

Need more information or assistance with any of these ways to simplify your association’s payables process? Contact us at info@rcpmanagement.com or 609-683-7980.