One of the first things to consider when evaluating a new accounts payable solution is whether your current software has the ability to automate the key processes, reduce fraud, and is easy to learn and implement. Consolidating accounting with your property management platform will help your team streamline the bill pay process.

First and foremost, it provides real-time access to data which enables you to create reports that track spending behaviors over time, which will help your business make more informed financial decisions to improve your operations.

Next, it simplifies the overall process for managing accounts payable at each of your properties. That’s because instead of having to log in to multiple platforms, on-site and accounting teams need only to log into one system to gain access to manage everything that goes on at the property from paying vendors to leasing units and everything in between.

Additionally, having all of your accounts payable information on the same platform ensures that vendors and invoices don’t get lost in the shuffle. When you have to move information from one platform to another, there’s a huge chance for errors to occur, which is one of the top reasons vendors don’t get paid.

Finally, having one system makes it much easier to train new employees. It’s no secret that on-site turnover happens more than we’d like, whether that be through promotion or moving to other properties, so having only one system for new hires to learn makes training less complicated and results in a faster onboarding process.

On the other hand, businesses that decide to integrate with their existing property management solution have the opportunity of using best in class solutions. However, the benefits that come from selecting the ‘better’ solution are only as good as the integration you’re able to build. If you’re not able to create near real-time access to vendor data with a two-way flow of information, you could be losing out on efficiency gains created by using an all-in-one solution.

What can Entrata Bill Pay do for me?

Make payments fast and easy with Entrata Bill Pay. The solution includes seamless workflows, built directly into the Entrata operating system that enables you to process your vendor payments securely and efficiently. It also delivers multiple payment options to choose from, which means vendors get paid with their preferred payment method.

• Setup in a Snap - It only takes a few clicks to enable Bill Pay, authorize your bank accounts, and be ready to process payments.
• Payment Types for Every Need - Take advantage of a full suite of payment types including ACH and paper checks, with Virtual Card coming soon.
• Upgraded Security - Bill Pay leverages vendor banking information found in VendorAccess. Only vendors can update this information which reduces the chance for payments to be sent to unintended accounts.
• Vendor Satisfaction Guaranteed - Entrata’s Vendor Enablement team ensures vendors are set up in VendorAccess to receive Bill Pay payments so you have one less thing to manage.
• Reconcile Painlessly - An ACH withdrawal occurs for each payment processed with Bill Pay which means it’s easier than ever to check payment record and accuracy.
• Save Time - Regardless of how you choose to pay, your scheduled payments use Entrata’s existing AP workflow for approvals and tracking.

Learn more

Learn how to drive more efficiencies in your properties’ accounts payable process, download our latest ebook, Automation is key for an efficient AP process today.