FAQ PERTAINING TO BEVEN & BROCK
NEW PAYABLE PROCESSING PROCEDURE
[accordions autoHeight=’true’ disabled=’false’ active=22 collapsible=true][accordion title=”How will this change affect the treasurer?”] The current signors will now be called “approvers”. Initially the Treasurer, and the second approver, if you currently have a second signor, will need to register on the site. After that the first approver (Treasurer) will receive an email indicating that there is a payable item (s) ready for approval. They will then log in and view the item and approve it. You will have the ability to add a comment to an invoice and send the comment to another user. If you are in one of the few associations, where Beven & Brock currently signs your checks we will continue with the manager approving your invoices. At any time, this can be changed such that the Treasurer steps into that role. [/accordion] [accordion title=”What if we dispute an invoice? “]You will also have the option to “dispute” an invoice. When an invoice is disputed, you will be prompted to add a comment. The invoice will then move to that user’s disputed queue. This essentially puts the invoice on hold. If you later decide to approve the invoice, you can go into the queue and approve the invoice. [/accordion][accordion title=”Will two approvals be required or can we go with just one approval? “] Either way, the system will accommodate 1 or 2 approvers. We will continue with your current protocol, and you may change this at any time. [/accordion] [accordion title=”Will we I know when something needs to be approved?”] You will receive an email. [/accordion] [accordion title=”What is involved in getting set up?”]You will need to register on the secured site with a unique password. We will provide instructions at the appropriate time. [/accordion] [accordion title=”What day of the week is it expected that notification will be sent to the designated individual(s)? “]You will need to register on the secured site with a unique password. We will provide instructions at the appropriate time. At this point, we have not set a specific day that emails will be delivered. The system is capable of sending you an email each time there is an invoice to be approved, or we can send them on a pre-defined schedule yet to be determined. [/accordion] [accordion title=”If we prefer paper checks is that an option? “]Yes, you can, but this would not be preferable, since we are trying to move to a system that is eco-friendly, and less dependent on postage and other hard costs. However if necessary, we will still digitize the invoices and copies will be made and included with the paper checks as they are now. [/accordion] [accordion title=”Is your staff handling all of this?”]We are partnering with a outsourced vendor called “AvidExchange”. They are a national payable processing company that provides their service in our industry as well as others. Here is a link to their site: http://www.avidxchange.com/. They will be doing most of the leg work relative to contacting your vendors to arrange for different payment options. [/accordion_panel] [accordion title=”How will transfers to our Reserve account be handled?”]We are still working through all the details; however transfers should be fairly streamlined. [/accordion] [accordion title=”How will you inform us when the system is ready, and how to access the site?”]You will be receiving information on how to register and full instructions prior to the launch. [/accordion] [accordion title=”What is the timing on implementation?”]We are hoping to launch in April 2014 however it may be later. [/accordion_panel] [accordion=”What will I see on the computer? “]You may see the most important screen shots at this link: http://www.bevenandbrock.com/payables-approval-screenshots/[/accordion] [accordion title=”Will a scanned image of the invoice be available to view?”]Yes. [/accordion] [accordion]title=”Will the approver be able to see the expense categorization when they approve the invoice “]Yes, they will. [/accordion] [accordion title=”You state that Board members will no longer need to sign checks. If Board signatures are no longer required, what payment method will be used? “]Payments will be sent by electronic means, mostly ACH (Automated Clearing House) or direct pay with vendors to their accounts. [/accordion] [accordion title=”If there will still be checks in some instances, who will sign checks and won’t a change need to be made to the bank signature cards?”] The signors will be the same as they are currently, and we will update signature cards as we do now when the board changes. [/accordion] [accordion title=”What type of reporting will be available in lieu of the weekly expense register? “]We will likely not be using the weekly expense register. You will still receive this report on a monthly basis. [/accordion] [accordion title=”Will checking account balances be available in the system to facilitate cash management? “]The manager will oversee whether or not there are adequate funds as is done now. If there are not sufficient funds to pay all your payables, we will do as we currently do, prioritizing utilities and insurance payments first, and reserve transfers last. If this is a recurring issue at your association, it does create challenges and additional work and can be avoided. [/accordion] [accordion title=” Will the new AP system integrate with your existing accounting system to provide the same level of detail that is currently received with the monthly financials? “]Yes, absolutely which is why we have selected it. [/accordion] [accordion title=”How will training of Board approvers be provided and what help desk support will be available to assist approvers if needed? “]We are still discussing how the training will work, but there will a variety of training options. Our accounting staff will be available to help facilitate questions that arise. [/accordion][accordion title=”In addition to the benefits of this new system that you state in your letter, it seems that this will also reduce the current workload for your staff to copy invoices, print and organize check packets that are sent to associations weekly. How will these savings be realized in the management costs to our association? “]There will be no reduction in staff. It is our hope that with the money we will save by eliminating costs of postage, envelopes, and check stock we will offset the costs of the payable processing company we are utilizing. Over time, our hope is that we will breakeven, and we won’t have to increase staff so quickly. [/accordion] [accordion title=”What are the next steps?”]Once we receive the Supplemental Written Agreement, we will be in contact with the Treasurer who will receive more information as we get closer to implementation. Initially, we will need to gather the names and email addresses of the primary approver, and the secondary approver, if you utilize two signors. [/accordion][/accordions]
To view screenshots of the payables approval process click here.
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