In a year filled with uncertainty, one thing that has remained consistent is people’s satisfaction in community associations. Communities have helped people find a sense of stability at a time of instability. In accordance, the satisfaction results of the overall experience of living in community associations has increased by 4% in 2020.
According to the report conducted by the Foundation for Community Association Research for Community Associations Institute, nearly 9 in 10 residents (89%) rate their overall community association experience as very good or good (70%) or neutral (19%).
Although homeowners are relatively satisfied with their community association experience, Vantaca’s community management system can help bridge the gap and improve these numbers even more so.
Accounting Efficiency
The entire banking system that management companies need is embedded in Vantaca’s system. There isn’t a need for multiple windows for online banking.
Vantaca’s software allows users to retrieve transactions and reconcile them in the same location. Users can pull up check images, write in their bank registry, setup auto reconciliation.
Having an automated auto reconciliation process is essential for companies who are running dozens of associations and hundreds of bank accounts.
Completing reconciliation in just a couple hours is a huge time-saver, when many accountants are used to spending several days of the month dedicated to this specific item on their to-do list.
Streamlined Management Center
This means they must gather the data, figure out what category the charges fall into, and then process the charge for it. And that's just the management side.
Without a having a Management Center, most companies are unable to track billings. Vantaca’s Management Center keeps track of all external and internal tasks, mailings, and messaging and can build a rate structure that is autogenerated from management company data.
Scale matters when it comes to benefiting from time-saving features: the bigger the company, the more time and money that is saved. However, smaller management companies also benefit. Many smaller companies have people wearing multiple hats.
If their people don’t have time to bill, they end up losing more money. Therefore, the Management Center benefits every management company, no matter the size.
Process Efficiency Through Customized Workflows
What do we mean by customized workflows? Our customized workflows allow companies to create their own streamlined, list process that meets their company’s unique business needs. Also, our customization tool, enables every team member to be consistent in using the same process.
Without this structure in place, each manager in their company comes up with their own reporting process, and they all use different forms of communication to send letters.
However, our workflows centralize this so people can know what’s going on and how to manage it seamlessly. If you own a management company and don’t use this type of system, you might have a manager leave your company and you won’t have access to their information or know what their process is.
Outdated companies generally use paper flow. They have someone open the mail and manually sort it out. This process isn’t practical because you never know where a document is. Is it in in a file? Is it on somebody’s desk?
However, with Vantaca’s process, management companies no longer have to deal with a paper flow. There’s no need for a storage unit to store boxes of documents.
It’s all electronic, which means customers don’t have the problems that arise with using an archaic system to manage their files. To streamline the process, they need a more modern system, which our customized workflows offer.
Summary
Our software offers several key features that work to streamline the management processes for our clients. With our accounting, management center, and workflow features, our clients save time, money, and operate their companies more smoothly.
Interested in learning more about how Vantaca can help your management company meet your needs? Contact us today.