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FAQ PERTAINING TO BEVEN & BROCK [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 \u201capprovers\u201d. \u00a0Initially the Treasurer, \u00a0and the second approver, if you currently have a second signor, \u00a0will need to register on the site. \u00a0After that the first approver (Treasurer) \u00a0will receive an email indicating that there is a payable item (s) ready for approval. \u00a0\u00a0\u00a0They will then log in and view the item and approve it. You will have the ability to add a \u00a0comment to an invoice and send the comment to another user. \u00a0If you are in one of the few associations, \u00a0where Beven & Brock currently signs your checks we will continue with the manager approving your invoices. \u00a0At 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 \u201cdispute\u201d an invoice.\u00a0 When an invoice is disputed, \u00a0you will be prompted to add a comment.\u00a0 The invoice will then move to that user\u2019s disputed queue.\u00a0\u00a0 This essentially puts the invoice on hold.\u00a0 If you later decide to approve the invoice, you \u00a0can go into the queue and approve the invoice. [\/accordion][accordion title=”Will two approvals be required or can we go with just one approval? “]\u00a0\u00a0\u00a0Either way,\u00a0 the system will accommodate 1 or 2 approvers. \u00a0We will continue with your current protocol, \u00a0and you may change this at any time. [\/accordion] [accordion title=”Will we I know when something needs to be approved?”]\u00a0You will receive an email. [\/accordion] [accordion title=”What is involved in getting set up?”]You will need to register on the \u00a0secured site with a unique password. \u00a0\u00a0We 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 \u00a0secured site with a unique password. We will provide instructions at the appropriate time. At this point, \u00a0we 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, \u00a0or 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?\u00a0“]Yes, \u00a0you can, but this would not be preferable, \u00a0since we are trying to move to a system that is eco-friendly, \u00a0and less dependent on postage and other hard costs. \u00a0However 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 \u201cAvidExchange\u201d.\u00a0\u00a0 They are a national payable processing company that provides their service \u00a0in our industry as well as others. Here is a link to their site: \u00a0http:\/\/www.avidxchange.com\/. \u00a0They 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;\u00a0however transfers should be fairly streamlined. [\/accordion] [accordion title=”How will you inform us when the system is ready, \u00a0and how to access the site?”]You will be receiving information on how to register and \u00a0full instructions prior to the launch. [\/accordion] [accordion title=”What is the timing on implementation?”]We are \u00a0hoping 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\/<\/span><\/a>[\/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\u00a0state that Board members will no longer need to sign checks. If Board signatures are no longer required, what payment method will be used?\u00a0\u00a0“]Payments will be sent by electronic means, \u00a0mostly\u00a0 ACH (Automated Clearing House) or direct pay with vendors to their accounts. [\/accordion] [accordion title=”If\u00a0there will still be\u00a0checks 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 \u00a0cards as we do now when the board changes. [\/accordion] [accordion title=”What type of reporting will be available\u00a0in lieu of \u00a0the weekly expense register? “]We will likely not be using the weekly expense register.\u00a0\u00a0 You will still receive this report on a \u00a0monthly 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. \u00a0If there are not sufficient funds to pay all your payables, we will do as we currently do, prioritizing utilities and insurance payments first, \u00a0and reserve transfers last. If this is a recurring issue at your association, \u00a0it does create challenges and additional work and can be avoided. [\/accordion] [accordion title=” \u00a0 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? \u00a0\u00a0“]Yes, absolutely which is why we have selected it. [\/accordion] [accordion title=”How will training of Board approvers be provided and what help desk<\/i> support will be available to assist approvers if needed? “]We are still discussing how the training will work,\u00a0but there will a variety of training options.\u00a0 \u00a0\u00a0Our 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.\u00a0 How will these savings be realized\u00a0in the management costs to\u00a0our association? “]There will be no reduction in staff.\u00a0\u00a0 It is our hope that with the money we will save by eliminating costs of postage, envelopes, \u00a0and 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\u2019t have to increase staff so quickly. [\/accordion] [accordion title=”What are the next steps?”]Once we receive the \u00a0Supplemental Written Agreement, we will be in contact with the Treasurer who \u00a0will receive more information as we get closer to implementation. \u00a0Initially, we will need to gather the names and \u00a0email addresses of the primary approver, \u00a0and the secondary approver, \u00a0if you utilize two signors.\u00a0[\/accordion][\/accordions]<\/p>\n
\nNEW PAYABLE PROCESSING PROCEDURE<\/strong><\/p>\n