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bill management

Incoming Bills

Receive bills from various vendors and service providers

Verify the accuracy and completeness of each bill

Ensure all necessary information is included, such as vendor name, billing period, and due date

Cross-reference bills with purchase orders or contracts, if applicable

Sort bills by due date and prioritize urgent payments

Recording Bills

Enter bill details into the property management software or accounting system

Assign appropriate general ledger codes to each bill for accurate expense tracking

Attach scanned copies or digital files of the bills for easy reference

Record bill payment terms and any discounts or penalties for early or late payments

Maintain a log to track the status of each bill (received, recorded, pending, paid, etc.)

Approval Process

Route bills to the appropriate personnel or departments for approval

Set up an approval workflow to ensure bills are reviewed and authorized by authorized individuals

Follow up with approvers to expedite the approval process and avoid delays

Maintain a record of approvals for future reference and audit purposes

Flag any bills that require special attention or further investigation

Payment Processing

Schedule payments based on the due dates and payment terms of each bill

Set up recurring payments for regular bills (e.g., utilities, maintenance contracts)

Review cash flow and ensure sufficient funds are available for bill payments

Prepare checks, initiate electronic transfers, or process online payments as per the preferred method

Retain payment confirmation receipts or transaction numbers for future reconciliation

Reconciliation and Documentation

Regularly reconcile the bills paid with the bank statements or financial records

Investigate and resolve any discrepancies or payment errors promptly

Maintain a file or folder for each vendor or service provider, organized chronologically

File all bills, payment receipts, and related documents in a secure and easily accessible manner

Prepare regular reports summarizing bill payments, outstanding balances, and other relevant metrics

Vendor Management

Regularly review vendor performance and ensure bills align with the agreed-upon pricing or contracts

Communicate with vendors about any billing issues, disputes, or required adjustments

Maintain up-to-date contact information for all vendors and service providers

Evaluate vendor relationships periodically to identify opportunities for cost savings or process improvements

Seek competitive bids or renegotiate contracts when necessary

Compliance and Audit

Keep records of all bills and payments in accordance with legal and regulatory requirements

Perform periodic audits to verify the accuracy and integrity of the bill management process

Retain supporting documents, approvals, and reconciliations for a specified period of time

Regularly review internal controls to minimize the risk of fraud or unauthorized payments

Cooperate with auditors and provide requested information during external audits

Note: The above checklist is a general guide and may vary depending on the specific requirements and procedures of each property management organization.

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