The primary function of management software has traditionally been collections and accounts receivable. For self storage companies with multiple locations, paying vendor invoices can also be a time consuming task. If you have on site managers with some free time, and your management software supports accounts payable, you can leverage your resources to make payables much easier.
Paying and archiving vendor invoices is a task well suited to cloud-based software designed with accounting in mind. As managers receive invoices from their vendors, they can enter these invoices into your software, and attach a scanned copy of the original. Your software can now push these payables in near real-time directly into your accounting software, such as QuickBooks Desktop. Checks can be printed immediately.
To keep a “sanity check” on invoice amounts, you can set spending limits on each vendor for each property. If the invoice is below this amount, the invoice data goes automatically to your accounting software. If the amount is higher than the limit, this invoice is flagged for approval by a district manager or home office employee. Once approved, these invoices then automatically continue to your accounting software.
Keeping a digital copy of your invoices attached to the payables is a good record keeping practice. And having your managers enter invoices is an efficient way to spread the task of payables across your existing employee base. Automating the payables workflow allows your accounting team to focus on revenue growth issues rather than data entry. Put your team and your software to work, and giving will be almost as rewarding as receiving.