CAP Management guarantees the delivery of HOA Financial Packages by the 6th business day of every month. Doing this is no easy task – we know some of our competition struggle to complete the financials even in time for board meetings. Over the years, we heard that boards value having financials early on in the month, so we’ve committed to an early delivery.
We can produce financials on the 6th business day for a variety of reasons. Perhaps the most important one is the concept of partnership – within our team and with our Boards.
By viewing these relationships as partnerships, we can communicate clearly, honestly, and keep our objective of having sound, accurate financial reports at the forefront. Our partnerships are firm, long-lasting, and not sales based – the goal is effective management, not the bottom line.
What role does each party play in this partnership?
1. Citywide Banks is our Partner Bank with CINC Systems:
- If you are a current CAP client, you have probably seen Citywide Banks’s address on your payment stubs and seen their bank statements in our financial package.
- By directly integrating with our management software, CINC Systems, we can reconcile accounts in real time. We can post payments as soon as they are received, and we are alerted immediately should there be any unexpected or fraudulent activity.
- We also have direct access to high ranking personnel at Citywide who have been an invaluable resource as we grow and move into the future. Being a local bank based in Colorado gives Citywide the personal touch that we, and our clients, value.
2. Our team in the office is a small group with defined roles:
- Our AP Manager handles all the payments out of the bank accounts, coordinates invoicing with our vendors and utilizes cutting edge industry software to facilitate the review and approval of payments. Our software allows Board Members to view invoices online and provide direct feedback to the AP Manager, who can take that feedback back to the vendor if needed and adjust payments as directed.
- We have a dedicated AR Manager who handles homeowner accounts and questions. Any questions, concerns, or issues with their account is handled by them. Using our database software we can track all the money in and out of the account and check that images are imported from the bank the day payments post. It also directly integrates with our webportal and ACH program. So, if a payment is misapplied, it can be located with a check number or image. By having someone who only handles homeowner account issues, we can give our homeowners accurate information quickly.
- CAP’s team is overseen by our CFO who gives us guidance when we have questions or issues and who has worked with our Board members individually to ensure understanding of their financial situation and how to accurately read their financials. Our CFO is available to train new board members and help read financial reports.
3. The Board is the final and most important piece of the puzzle:
- We produce financials on the 6th business day of the month. By having the board be involved with the coding and review of invoices, being able to view the delinquencies and violation reports in real time on the website, and providing an accurate picture every month, Boards know what to expect and what to look for in their financials.
- The better our Boards know our systems – Strong Room, CINC, Citywide – and their role in relation to them as reviewers and approvers, we can live up to our guarantee. If you are a Board member and have questions about any of these components, please let us know. We have training materials and host webinars to keep our Boards up to date on how we get things done.
Any partnership is only as good as its members, and we believe we have a great team in place. By knowing what role you play in that partnership we can work together to get your financials delivered on time and with the confidence that they are sound and accurate