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Invoice Automation

Managing invoices in a strata management business

Invoice Automation

Management of incoming invoices for Owners Corporations and Bodies Corporate is one of the largest sources of work for any Strata Management business.

Invoices are often touched over a dozen times before final payment is made, with many offices still managing paper workflows in the office. This is then accentuated when invoices require external approval by committee or building managers. Depending on the systems in place, each step may be a potential bottleneck or a point of failure in the overall process.

StrataMax has developed a Hybrid Cloud Solution that caters to all stake holders in the process by providing automation at each step, with checks and balances built in to maximise integrity of the system.

Invoice Automation is highly customisable and we have provided an example workflow for how this might apply to a Strata Management office:

  1. invoices come in via email and are then added to a queue via a plugin
  2. automatic scanning of invoices occurs via OCR* with relevant data being populated for the key invoice fields
  3. invoices are automatically routed to the correct Strata Managers for approval
  4. Accounts Payable review invoices
  5. invoices are sent to the Invoice Hub as a bulk upload for committee approval via their web browser
  6. once authorised by the committee, payments are flagged for creation of a new payment file
  7. payment files are automatically sent to the StrataCash website by secure transfer for final authorisation by an account signatory (payment files contain proprietary anti-fraud features to further protect the integrity of the system)

*All features are available now with the exception of OCR scanning which will be released in the coming version of StrataMax.

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Friday, June 15, 2018