The current coronavirus pandemic has really shaken up the entire world. When we do collectively come out of this, we will see a brand new world where many things we are accustomed to may never be. In previous posts, we discussed 6 Tips on Social Distancing in Condos and 5 Tips on Working from Home for Property Managers. In this entry, we take a look at how a more specific aspect of managing a condo may become forever altered. With social distancing becoming the norm and with in-person contact greatly minimized going forward, we explore how payments to vendors and suppliers will change.
The process of paying suppliers
Pandemic or not, condos will exist and vendors and suppliers will continue to provide products and services. At a high level, the process has generally consisted of the following steps:
- Physically meet with the condo board of directors to have invoices approved.
- Have cheques be signed by the board.
- Issue and mail cheques to vendors to address invoice.
As you can see above, in the past, this process typically required in-person meetings with the board. This process was not efficient for several reasons. Firstly, it did not meet the new norms of social distancing. Secondly, it was time consuming in terms of a) obtaining approvals from the board of directors; b) issuing and signing cheques; and also c) for the vender/supplier to receive payment.
How technology can help
As with most modern workflows, technology can play a pivotal role in addressing the lack of efficiencies laid out above. With the proper use of technology, property managers and boards can by-pass the need to meet physically, have payment be signed electronically and also, pay suppliers electronically and without having to mail cheques.
This new process would allow both property managers and board members massive time savings. For one, they would not have to make appointments for a physical meeting but rather can send out board approvals by electronically. Secondly, discussions can be documented and stored for proper record keeping. And all of this happens in a much faster time than without the use of technology. Not only that, it stays within the guidelines set out for social distancing.
How Condo Manager can help
We at Condo Manager happen to provide this exact offering and fits perfectly in line with today's new norms. Our Direct Payment integration, includes the following functions that streamlines the process of paying vendors:
- Allows a property manager to create, send out and obtain approvals for invoices via the web from the board of directors.
- Allows a property manager to create and send out electronic payments to vendors/suppliers.
- The property manager can receive reports of processed payments by email for record keeping and/or for communicating with the board.
- With direct integration to the Condo Manager accounting software, amounts withdrawn are reflected for bookkeeping/accounting purposes.
- The integration is compatible with all Canadian financial institutions.
- PAP files are automatically created for all corporations.
If you would like to learn more about how we at Condo Manager can help with payments or other social distancing measures, please feel free to reach out to us.
LIVE CHAT