In the traditional payables approach, invoices pass throughnumerous hands. Thousands of invoices could translate to literallymillions of touch-points, with a corresponding increase in cost,potential mistakes, and delays. In contrast, keeping touch-pointsto a bare minimum with an electronic A/P system reduces cost andeliminates the labor and frustration that inevitably accompanyerror. Furthermore, resources are freed up for higher-valuetasks.

Centralizing A/P creates the ability to standardize policiesacross the entire portfolio, and it places oversight and controlright where it should be: in the owner's and manager's hands. Andgoing paperless carries an added advantage of boostingsustainability efforts by eliminating thousands of pieces of paperand the incalculable carbon footprint associated with moving amassive volume of paper around an organization.

How does electronic, paperless A/P processing work?

• Vendor invoices are received at a central location and scanneden masse, and attached to the core property management system.
• Pre-determined workflow routines are assigned to each digitizedinvoice.
• Electronic invoices are auto-routed through an online approvalprocess.
• Payment is transferred to the recipient via a hard check, or,better yet, EFT.

What can electronic invoicing do for owners and managers?

• Centralize and standardize policies and controls across theorganization;
• Reduce cost and labor associated with copying, handling andstoring paper;
• Automate online approval notices to managers;
• Reduce invoice cycle time;
• Produce benefits from early-pay discounts, late-fee avoidance,and payments scheduled to maximize cash flow;
• Fully integrate with PM software;
• Allow drilldown to the transaction level.

Economic constraints are forcing property owners and managers tobecome ever more innovative in accomplishing more with fewerresources. Fortunately, technology solutions that greatly enhanceA/P functionality are within reach, and can give decision-makers avaluable asset in an increasingly competitive business arena.