There are certain tasks that the members of an HOA should do for themselves, and others that are probably better off being outsourced. A good example of this latter category is Accounts Payable Services for the HOA. What this means, most fundamentally, is the prompt handling of the invoices submitted by outside vendors, for any kind of maintenance or landscaping work done to common community areas.
For a very small community, of course, processing these invoices is probably not a major burden, but for large communities, it can become daunting. As invoices start to stack up, it might become prudent for the HOA to consider outsourcing, locating a reputable accounts payable service. (Or, a professional HOA management company, many of which will offer this service.)
In fact, there are numerous perks that stem from outsourcing the Accounts Payable Services for the HOA:
- First, it can result in significant time savings. Verifying, paying, and recording invoices can really be a drain on the time of HOA board members, but outsourcing this task can free the board to concentrate on other tasks.
- A professional service will ensure that payments are prompt and accurate, maintaining good relationships between the HOA and its vendors. Good relationships with vendors, meanwhile, can go a long way toward reducing the likelihood of future headaches or disputes.
- A professional service will also safeguard against fraudulent or duplicate payments—essentially ensuring that the HOA’s resources are being used responsibly.
- Perhaps most significantly, a professional service will likely involve oversight from an accounting professional. This ensures full compliance with any legal standards, and it ensures that the community association’s records are completely audit-ready and on-the-level.
Ultimately, using an Accounts Payable Services for the HOA, or a professional HOA management company, ensures accuracy and reliability, and it leaves the members of the board free to lead the community, safe in their knowledge that invoices are being processed expediently.