Would you like a more efficient and secure way to pay your association’s vendor invoices?
Payables Lockbox allows HOA Managers and Board Members to securely view and approve vendor invoices online, removing the headache of signing and approving paper checks. There are over 25,000 users, including board members and managers all across the U.S., approving invoices every month through our service.
How does it work?
Just as HOA assessments are sent directly to your bank for processing through lockbox, vendor invoices for your Association are sent to an AP lockbox operation for processing. Invoices are electronically imaged and put online to be viewed ad approved. Invoices are then made available online for review for each Association, allowing the manager to specify expense coding on the invoice if necessary and any other notes they’d like to include about the invoice. Once approved by the manager, the invoice can be sent to Board Members for easy online approval if necessary. Email notifications are also sent when invoices are waiting in a user’s queue. It’s as simple as logging-on to the Payables Lockbox website, viewing the invoices in the queue – and approving them for payment. No more check printing and coordination for signing. Much like bank online bill-pay, the online approval for a payment initiates a payment by check or electronic payment to the vendor.
Why should you change the way you pay your association’s invoices?
Too much Paper – Approving invoices today is very paper intensive, which opens the door to mishandling and lost invoices. With this service, you have an electronic archive of all the invoices processed for your Association.
Invoice Searching Is Easier – By having electronic images of invoices in an online system, it is much easier to search for historical invoices. Plus, invoices and their data are archived and searchable for 7 years.
Better Controls around Approvals – An online solution for approving invoices ensures that all required approvals are met – and no payments can be made without them.
Approve Invoices Anywhere/Anytime – Instead of waiting for checks to sign by mail or at a board meeting, invoices can be approved at home, work, or anywhere with internet access.
Eliminate Extra Mail Routing – The extra mail routing for payment approval is removed, eliminating chances of payments being delayed or lost in the mail.
Avoid Late Fees – Approving invoices online can reduce invoice-to-pay cycle times by 50% or more. Reporting tools allow users to manage due dates on more easily eliminate late fees.
Audit Trail of Approvals – Payables Lockbox tracks every action taken on an invoice, providing you with a date and time stamp record to reference back to.