Title: Accounts Payable |
Dept: Accounting |
Results: Pay all bills in a timely manner without generating any late fees.
Participating Positions:RA,BK,MM, PMAccountable To:PM
Steps;
System Quantification: We will cut checks twice per week.It depends on the number of invoices we received,but if we receive (5) invoices over the course of a few days, it will take approximately ten minutes to create billsfor them in RM. It could take anywhere from two minutes to 40 minutes to approve the bills depending on whatwas requested and how familiar we are with what was done. EG: If we receive a bill for cleaning an apartmentthat a new resident moved into, the PM can easily approve it in one minute. If we receive a bill for $2,000 for aroof repair, the MM would need to be contacted to confirm that was the price we agreed upon and that the workwas done completely and successfully. That would take more time. Printing five checks should only take a fewminutes.
System Standards: We want to make sure we pay our vendors in a timely manner. We rely on them to do greatwork for us when we need them. We want to make sure return the professionally courtesy with timelypayments.
Participating Positions:RA,BK,MM, PMAccountable To:PM
Steps;
- Gather Invoices(RA):Invoices will come from the followingplaces: a. Our website: On our website we have a landing page that we give to vendors.They can fill in therequired information and submit the invoice.That information then comes to us in the form of an email containing all the necessaryinformation. That email will come into the email of the RA (or BK if one is in place). The form has a box the vendor can check if they want to pick it up. If that box is
b. In person: Some vendors will stop into the office and drop off a paper invoice. Collect those in the invoices bin at the office.
c. In the mail: Some vendors will mail us a paper invoice. Collect those in the invoices bin at the office - Put all bills into RM(RA): Every Monday and Wednesday, enter all the invoices that have accumulated inRM as bills to be paid.
- Payment Approval(PM): Every Tuesday and Thursday, review all the bills that have been entered into RM.Check with the MM to confirm that work was doneappropriately and that invoiced amount is what wasagreed on.
- Print Check(RA): Every Wednesday and Friday, print checks. The checks that have been approved by thePM, can be printed.Once approved by the PM, the signature will be printed on the check.
- Deliver Check(RA): We will mail checks for most vendors.Vendors that designated on their invoice thatthey would like to pickup their checks, can pickup their checks in the “checks for pickup” tray. Let thosevendors know with a phone call, text message or email that their check is available for pickup.
System Quantification: We will cut checks twice per week.It depends on the number of invoices we received,but if we receive (5) invoices over the course of a few days, it will take approximately ten minutes to create billsfor them in RM. It could take anywhere from two minutes to 40 minutes to approve the bills depending on whatwas requested and how familiar we are with what was done. EG: If we receive a bill for cleaning an apartmentthat a new resident moved into, the PM can easily approve it in one minute. If we receive a bill for $2,000 for aroof repair, the MM would need to be contacted to confirm that was the price we agreed upon and that the workwas done completely and successfully. That would take more time. Printing five checks should only take a fewminutes.
System Standards: We want to make sure we pay our vendors in a timely manner. We rely on them to do greatwork for us when we need them. We want to make sure return the professionally courtesy with timelypayments.
