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For a property owner or manager, competing in today’s market means eliminating inefficiencies that clog workflow and waste resources. Toward that end, some owners/managers are installing a technology offering extended power of core property management software to centralize, automate, and streamline accounts payable. That offering is an electronic–or paperless–A/P system which can dramatically reduce per-invoice costs by minimizing labor and costs associated with copying, stamping, filing, mailing and storage.

In the traditional payables approach, invoices pass through numerous hands. Thousands of invoices could translate to literally millions of touch-points, with a corresponding increase in cost, potential mistakes, and delays. In contrast, keeping touch-points to a bare minimum with an electronic A/P system reduces cost and eliminates the labor and frustration that inevitably accompany error. Furthermore, resources are freed up for higher-value tasks.

Centralizing A/P creates the ability to standardize policies across the entire portfolio, and it places oversight and control right where it should be: in the owner’s and manager’s hands. And going paperless carries an added advantage of boosting sustainability efforts by eliminating thousands of pieces of paper and the incalculable carbon footprint associated with moving a massive volume of paper around an organization.

How does electronic, paperless A/P processing work?

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