Cost-Saving Solutions for Associations

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As we spend more time at home, people are taking the opportunity to clean out closets and finally tackle those long-overdue projects around the house. Getting rid of the old and installing the new helps refresh homes and re-energize families.

It may be time to refresh your association by remodeling your accounts payable processes. This will save time, money and energy, all of which can be in short supply these days. To determine if your organization’s processes need a refresh, ask yourself the following questions:

  • Is your association cutting costs?
  • Is your association still paying vendors with physical checks?

If you answered yes to one or both questions, it may be time to implement a new, online bill paying application, such as Bill.com. But if you’re still unsure, below are five scenarios that could indicate it’s time to make the switch.

  • You’re looking for cost savings in areas that don’t negatively impact employees. Printing manual checks is expensive in terms of processing, approving, signing, mailing, etc.
  • You need your accounting staff to provide more frequent reporting, but they don’t have the capacity. Paying bills manually is likely disruptive and inefficient for your accounting staff, as one-off requests are frequent.
  • Your team is working remotely, and you would like to continue remote work in the future.
  • You’re having trouble coordinating bill processors, approvers and signers due to remote work.
  • You sent somebody home with a stack of blank check stock.

If the thought of implementing a new application seems daunting, worry not. SST has the answers to all of your questions and the experience to set up Bill.com successfully. Contact us today to learn more about improving your organization’s accounts payable processes.

Just like your decluttering and home projects, implementing Bill.com can be the start to more efficient processes and other mini remodels to strengthen your association.

Thanks to SST Manager of Client Accounting and Advisory Services (CAAS) Leslie Shannon for providing the content for this post.

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