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With an AP automation platform, you can typically still pay via cheque, but you also have the ability to pay vendors faster and more securely through electronic payment methods such as EFT (direct deposit). Returning to the stats mentioned at the beginning of this article, a fully automated AP process can reduce the AP cycle from 45 days to 5 days, and the full cost of paying an invoice from $15 to under $3.
This benefits all stakeholders: owners, boards, managers and vendors.
For more information on the services CondoWorks provides, reach out to Braedon here:
Braedon Hebert CPA e. braedon@condoworks.co t. (647) 268 - 3234
w. https://www.condoworks.co/
CCI Review 2022/2023 — 1
August 2022 - 35
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