AR and AP Tips to Streamline Your Workflow

June 2, 2021

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Emma Hannon

Close up of female accountant or banker making calculations

Over the past year, your team has likely streamlined at least one process. Whether it’s automated responses to applications or scheduling text reminders about trash pick-ups; chances are you have simplified some aspect of your daily routine. As the world starts to get back into the swing of things and we once again look at shifting our daily processes, it’s time to incorporate streamlined workflows into your accounts payable and receivable functions. We’re highlighting four automation tools here that can make handling payables and receivables easier for your team.

Pre-Schedule Payment Notices

Accounts Receivable Automation* makes securing payments from residents a completely automatic experience. Using the resident’s preferred communication channel, you can send rent reminders, late notices, or updates about an open or upcoming charge via email, text, phone broadcast, and Virtual Post Office (VPO)*. You can even personalize the tone of the alert based on the degree of the account’s delinquency. If your team has any questions about a reminder, you can review the tenant’s History/Notes, where a copy of the notice will automatically be saved.

Automatic Bills Pay

Skip the stress of waiting for monthly bills, only to have to remember to pay them on-time when they arrive. Set bills that come on a regular cycle as Recurring Bills*. Post internet services, trash, or sewage bills as a one-time bill or on a recurring basis. Scheduling bills saves your team time while ensuring monthly payments are never missed.

Streamline Tasks

Specify a sequence of tasks to be performed in the review, approval, and fulfillment of Purchase Orders* with a Purchase Order workflow*. By outlining all the steps and creating a workflow in Rent Manager, you can eliminate any questions about what steps need to be taken and complete purchase orders faster. Clearly show the stages and responsibilities for each step of the process by assigning team members specific functions within the workflow.

Advanced Customizations

In addition to the wealth of features Rent Manager offers, we also partner with many Integrated Technology Providers to deliver additional AR/PR benefits. By tying into our software, each integration can provide additional support for your team when it comes to managing your payments and billing.

  • AvidXchange – Using a web-based, no-cost vendor bill and payment solution, AvidXchange works with your team to reduce paper, invested time, and the costs associated with processing bills and printing checks. In addition, their automated approval workflows provide enhanced visibility into the AP process while providing your team with tight accounting controls.
  • Beanworks – Ditch the loose spreadsheets, missing information, and manual AP. Opt for a single, seamless solution to tackle your POs, invoices, expenses, and payments. Beanworks provides 360-degree visibility and control of all four accounts payable workflows.
  • Corporate Spending Innovations – Corporate Spending Innovations (CSI) offers a Total Accounts Payable solution that makes every type of B2B payment easy and automatic—from invoicing to workflows. Empower your team to make domestic and global payments by eliminating the manual processes that slow down revenue growth.

Your team has enough to keep up with—don’t add tracking down monthly bills, sending payment reminders, or other easily outsourced AR/AP processes to their to-do list. Utilizing Rent Manager’s automation tools, your employees can save time while creating tailored workflows and templates for your property that keep your accounts accurate and up-to-date.

*To learn more about these Rent Manager features, press the F1 key in your Rent Manager database to access the Help File.

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