The Top Five Benefits To Automate Your Invoice Processing

Home Owner Associations and HOA Management companies are constantly juggling the daily demands of their residents and tenants while trying to manage their properties. Those day to day tasks make it hard to take time to step back and find ways to become more efficient.

One of the most time consuming tasks overlooked is the automating of invoice processing and other important communications (assessments, meeting notices, violation letters, delinquency letters and annual dues). You need to get those communications out the door in order to get paid or to meet compliance mandates.  Often, it’s the last thing to be done, and let’s face it, it’s not a very glamorous task.  Here are five compelling reasons for you to consider automating your invoicing and communications processes.

 

  • Reduce Business Costs.

 

Add up the time you or someone in your business spends printing, folding, inserting, applying postage and mailing documents each month. Assuming postage is a fixed cost, it’s the expense of paper, envelopes and labor that goes into getting those documents into the mail. And, that adds up quickly. Take advantage of a service that buys materials in bulk. The cost savings are passed on to you.  

 

  • Improve Productivity.

 

Instead of struggling with printer jams, buying stamps and stuffing envelopes, you or your staff could instead be working on more important tasks. In place of this manual process, you could focus more time on the property management issues that need your attention, such as lease renewals and increasing occupancy rates.

 

  • Gain Back Valuable Time to Focus on Managing Your Business.

 

Without having to manage the very manual process of printing and mailing bills and other correspondence, you can instead shift your focus to property management. You’ll now have time to attend to other matters that often get pushed to the wayside.

 

  • Monitor Your Mail Activity.

 

When the mail partner comes with a dashboard, such as DocuSend®’s Portal and Image Bank, you’ll have instant access to six months of document history. That makes it so easy to retrieve and view documents when tenants call with a question, or you need to resend the document.

 

  • Faster Delivery.

 

Using mail experts means an Intelligent Mail Bar Code is appended to your customer document, expediting delivery of your mail. In addition, you can see addresses that are flagged as potentially undeliverable so you can check with the client to see what the correct address should be and update your customer database.

If you think now is the time to consider outsourcing your invoice processing, do your research to find a service that is easy to use, costs less than processing internally and doesn’t charge monthly service fees or monthly minimums.

Until the recent launch of DocuSend, there wasn’t a cost effective way to outsource, and it’s hard to switch modes when you’re used to doing something the same way for so many years. DocuSend makes it so easy to make you and your business more efficient. Visit us on the web at www.docusend.biz today!

Paying HOA Dues With ACH Draft

The way our world is going, technology is taking over. Whether it’s in communications, marketing, or payments, more and more of our everyday life is relying on technology to get things done. Why not take a step ahead and make sure you are ready for the change? When it comes to paying assessments for your homeowners or condominium association, many people are utilizing Automated Clearing House. This is an electronic network that’s designed for financial transactions in the United States. Setting up your account on an ACH draft eliminates the need to write a check to your HOA each billing cycle.  Here are the top five things to consider when using ACH draft to pay your HOA dues:

  1. No More Lost Checks: No one likes to lose things. Especially if it costs money! It can be such a hassle when your paper check gets lost in the mail. You then have to call the company, the post office, and track down what seems impossible to find. With ACH draft, the money is drafted from your bank account directly to the account of your association or management company, greatly minimizing the chance of error.

  2. No Delay Of Payment: Even if you’re using online bill pay for your HOA dues, your bank still mails a paper check to the recipient. By choosing a “deliver by” date with your online bill payments, this doesn’t ensure that your check will be received and/or processed by that date. Losing a check or having the bank screw up your payment time can lead to a hassle and more late fees. ACH transactions always take place on the appropriate date, eliminating the chance of getting hit with a late fee.

  3. Setup is Easy: If you are interested in ACH, setting up the draft is simple. You complete a form and attach a voided check which is then returned to your management company’s office. The form can either be faxed, emailed, or brought in person. Once the form is received, the draft will automatically take out the dues amount. This assures your payment always on time and takes a load off of your responsibilities.

  4. Not For Everyone: Be careful! If your checking account stays at a lower balance, you could possibly get overdrafted, which can result in more fees. Make sure your account has the money needed to pay your bills.

4 Tips for Collecting Assessments in a Down Economy

A down economy is no fun. Not for you, not for your neighbor, and certainly not for your Homeowners Association.

Homeowner delinquencies and HOA operating costs are both on the rise, creating a perfect storm for collecting assessments.

We’ve put together a list of 4 tips that should help.

1. Take control

Many HOA boards leave collection to the Property Manager. After years of smooth sailing, some Boards fail to understand or even recognize the magnitude of delinquencies until its too late. There’s nothing wrong with that but make sure you take a hands on approach, understand the current status of delinquent payments and speak to your Property Manager often to find solutions.

2. Know your rights

Make sure you read your CC&Rs and understand both the rights of your Association as well as the homeowners. Know exactly what is allowed to happen when delinquencies occur. Can you add late fees, interest and collection costs to the outstanding amount? What are the timelines for doing so?

3. Take action

Now that you understand your rights as an HOA board within your community, its time to exercise them. The biggest mistake we see people make is to let owners go more than 30 days without a past due letter. Be timely about the warnings because if you don’t it will make it much more difficult to enforce the consequences.

4. Be consistent

You should have a formal collection process in place. Everyone should be aware of it. Anyone past due should get the same letter at the same time. There should be no exceptions to. If you do not follow this advice it will be infinitely more difficult to collect.

The bottom line: There’s no golden ticket when it comes to collecting money in a down economy. However being proactive, educated, organized, and consistent will certainly help.