How to improve Accounts Receivable in your HOA

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HOA’s have the monthly burden to Process Accounts Receivables to membership and post to membership about the receipt of payments and balance the bank accounts. This is usually done by your Board or your management company and it is oblivious to many of you.

In this age of digital here are a few things to consider


1. How is your Management company securing your members Financial Personally Identifiable Information

2. Is the data encrypted during transmission of the data from the bank to your management company or they still processing files manually via CSV files

3. Is your management company asking you to send your bank account number, routing number and check via a PDF in an email to setup recurring payment
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What is an API and why should your HOA need one?

An API allows two or more Software Programs to talk to each other, the simplest analogy is if you are able to check bank balances or process deposits without logging into the bank website all from your HOA website that is how an API is integrated. And Yes all banks have an API.

1. Processing Member Payments

Every month / quarter you have to process members payment received via ACH or Credit card via batch or individual payments made on your HOA Website or Mobile App Forte collects member payments via Credit Card and eCheck and sends them to your HOA instantly  seamless integration Image

2. What are the most preferred Customer Communications today?


Payment Receipt Notice to Members Once the monthly payment is processed, the modern way to communicate to members is via a PUSH notification or a TEXT message and of course there is email. Computation of balance, sending the messages to members is in built Image

Of Course there is still email for members who prefer

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3. How Auto Reconciliations can save tens of thousands of dollars per year in your HOA?


Monthly review of Board Members. The bank statement is automatically generated by Alliance Association Bank and pulled in via the monthly job. Reconciliations of Credits and Debits is simplified. The bank sends an electronic record daily of Account Transactions, Lockbox transactions along with Check documents.

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On the left is the actual bank statement in the PDF format. On the right is the electronic record from the bank which makes reconciliation seamless. Clicking on the Amount column brings up the check and the actual invoice from the vendor.

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Summary : Moving your HOA needs towards providers will save time and effort to both management companies & board members anu td reduce your overall administration companies. So the next time when you migrate to a new Bank, Management company or Payment Provider - ask them Do you have a REST API and which Management Software is it integrated with?
 

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