Simplifying Check, Electronic Payment Reconciliation for Community Association Managers
Written by CheckAlt
Compared to other industries with higher adoption of online payment options, community association management often suffers sluggish paper-based processes. As a result, back office staff members spend countless hours each month reconciling check payments with those received electronically.
The association management industry faces unique obstacles in managing all of their resident payments. These consist primarily of various types of dues and assessments paid by homeowners on a monthly, quarterly, or yearly basis. While homeowners’ payment preferences are shifting toward digital methods, many continue to mail checks with paper payment coupons to an association’s designated lockbox provider.
Prompt and accurate reconciliation of these paper payments to a community association’s accounting system is a critical, yet challenging step in the receivables process. Since many associations do not operate to make a profit, the collection, processing, and posting of deposits must be efficient to keep their cash flows steady.
Making Check Reconciliation Easier
There is a simple solution to the painful process of check payment reconciliation for community associations. Community association management software providers, such as AppFolio Property Manager, can plug in CheckAlt’s Lockbox API to assist their mutual clients in automating stop file upload, payment notification delivery, and payment validation and synchronization. Syncing these payment records simplifies the processing and reconciliation of check payments made to community associations.
With CheckAlt’s Lockbox API integrated with AppFolio Property Manager, associations can seamlessly receive their check payments along with the check images within the AppFolio Property Manager software and automatically reconcile the payments. Community associations can also easily retrieve check images and automate data exchange—all through the software they use to manage their entire business.
All Business Data in One Place
When community associations use an end-to-end community association management software, they can keep all business data in one place, under one login. When that solution is also cloud-based and fully mobile, like AppFolio Property Manager, community association staff can access that data from anywhere, on any device. With online portals and workflows, it’s easier to keep the entire team on the same page and community association boards and homeowners informed. Tying in CheckAlt's comprehensive check payment solution complete with important bank integrations helps community associations move closer to being fully paperless.