What is the best way for a property management firm to process supplier invoices?

The best way for a property management firm to process supplier invoices is with an automated accounts payable solution that integrates with their downstream systems.

An automated accounts payable solution makes it easy for a property management firm to receive and post any electronic invoice, including those sent via e-mail or uploaded through a self-service portal. The technology aggregates all electronic invoices onto a single platform, extracts line-item details and other invoice data with nearly flawless accuracy, matches invoices to purchase orders (POs) and shipping receipts, and validates invoice data against property files, Homeowners Association databases, general ledger information, and more.

Some providers of automated accounts payable solutions also provide no-touch processing of invoices sent through the mail. The provider manages a dedicated Post Office box for each firm, and handles all mail opening, document scanning, and data extraction. Approved invoice data is directly uploaded into a system of record or a workflow approval solution.