Undoubtedly, the technology used to integrate multiple software programs has automated the landscape of most industries. Have you ever wondered how it works when you are making an online reservation at your favorite restaurant or hotel? Or how online retailers can tell you whether the item you are looking for is in stock? The answer is they are using various data integration methods which serve as a secure software bridge that enables applications to communicate with one another and share data.
Working behind the scenes, data integration is critical for most industries. Integration technology increases operational efficiency, enhances productivity and collaboration, and ensures businesses do not have to seek multiple sources to gain the information they need. According to experts, 80% of business leaders said data integration is critical to their success.
So how does this apply to Community Associations and Management Companies? Let’s look at how integration with their bank can transform the way they do business.
Integration and Community Associations
This includes Management Companies and the Community Associations and Boards they serve. Financial institutions provide secure links to bank data from their accounting software platforms, doing away with the need to log onto the bank’s system directly to take care of day-to-day financial tasks.
Managing Community Associations is like playing “fire chief,” constantly resolving problems such as billing inquiries, issues with amenities, and neighborhood complaints. They must become multi-tasking experts and tend to several balls in the air every day – on behalf of the HOAs and Condo Associations they manage. These proverbial balls include important financial tasks such as collecting dues, paying vendors, and producing financial statements and other key fiscal reports.
Management Companies willing to say goodbye to the old ways of manually accomplishing these complex financial tasks and say hello to integration will reap great rewards – more time, fewer headaches, greater accuracy, and an improved bottom line.
Integration and Cogent Bank
Cogent specializes in serving Management Companies and Community Associations and understands the importance of offering integration to their clients. Bank accounts are easily managed on one familiar platform via customized integration with most Association Management Software Systems. Financial processes are automated, enhancing efficiency, and improving overall operations.
Cogent offers connectivity with a number of management accounting software systems on behalf of clients, including CINC, Vantaca, Enumerate, VMS, and many more. Cogent is an official banking partner with CINC and Vantaca accounting platforms and offers full banking integrations to these clients. The bank has also partnered with ClickPay, to offer a complete payment platform for Accounting and Ledger Management, including ACH, Credit/Debit Cards, paper Check, Bank Bill Pay, and Walk-in Payments – all in one platform! The magic behind the curtain? Data integration.
Key Benefits of Integrating with Your Bank
Hopefully, you are you starting to see how integrating with your bank would have a positive impact – in a big way. Let’s look at the top benefits for Management Companies, Community Associations, and Homeowners.
- Automation: Integration automates key financial processes and recurring manual tasks like data entry, reconciliation, and all forms of payment processing including lockbox, online payments, and credit card transactions.
Benefits: Saves time and allows staff to focus on other key initiatives, reduces the risk of errors, and improves security.
- Data Access: Integration allows authorized managers, board members, and homeowners to have access to select financial information at their fingertips. Residents can easily access information about their assessments, fees, and other information.
Benefits: Saves time as information is readily available to homeowners, allows for more informed decision-making, and proactive fiscal management. Transparent communication leads to greater trust and less complaints, which has a positive impact on the community. Direct access to financial information results in increased accuracy.
- Improved Payment Processing: Integration facilitates seamless online payments, allowing residents to pay dues, assessments, and other fees directly through the association’s online platform.
Benefits: Reduces reliance on manual checks and improves collection efforts.
- Enriched Security: The bank utilizes secure authentication protocols to safeguard the transmission of financial data.
Benefits: Sensitive information is protected from unauthorized access.
- Reduced Costs: Automating processes minimizes the need for manual labor and less time-consuming errors to address.
Benefits: Can add up to significant savings while freeing up funds for other initiatives.
- Improved Reporting: Better customized reporting is a big part of integration. Financial statements, delinquency reports, and other financial information needed for board meetings can be generated instantly.
Benefits: Empower boards with customized analytics that provide valuable insights into spending and revenue trends, and overall financial positions. Save time with custom automated report generation.
- Simplified Reconciliation: Daily automated bank information transmissions make the once tedious month-end reconciliation process much easier.
Benefits: Reduces the time and effort required to balance bank accounts, thus resulting in cost savings on labor and increased accuracy.
- Improved Homeowner Satisfaction: There are considerable time savings for the management company, the board, and the owners when residents are granted online access to their accounts and other financial information. Homeowners are happy because they have information at their fingertips and management companies are happy because they are no longer fielding so many phone or email inquiries about amounts due, or other financial inquiries. Everyone wins!
Benefits: Happy homeowners = thriving communities = renewed management contracts!
Choosing the Right Banking Partner
Simply put, Community Association banking is a different animal compared to mainstream commercial banking. Many banks claim to serve Community Associations, but do they really understand the industry and their unique needs? Do they understand how to efficiently collect homeowner payments and create customized financial information needed for boards and owners?
Community Association Banks such as Cogent have specialized teams dedicated to serving Management Companies, Associations, Boards, and Homeowners. They make it a point to keep up with the industry and the ever-changing legislation that impacts them. They know who the key financial vendors are and understand the operational intricacies of how to interface with them to conveniently provide the information needed. Cogent is committed to staying on the forefront of technology by investing in connectivity solutions and creating partnerships with software providers, resulting in streamlined integrations and a superior banking experience.
Let’s Recap. Why Is Integration A Must?
Direct integration with accounting software providers has completely changed the way Management Companies do banking. They no longer must log on to the bank’s website and can stay within their own platform. The information that Cogent sends to them is multi-purpose, reaching all the way down to the homeowner portal of their application. If you multiply this by the total number of communities they manage, it is obvious that integrating your financial process with the bank is a significant timesaver!
Your team is fielding fewer phone calls from inquiring homeowners because they now have firsthand access to information regarding their dues and assessments, and payment options available to them. This frees them up to focus on other important initiatives for the communities they serve. Boards and Homeowners are happy because they have access to the information they need without wading through a bunch of red tape. As you can see, the positive impact trickles down and is far-reaching.
Moving Your Banking Experience Forward
Cogent’s team of experts can help integrate your accounting software with the bank so you can manage the complex fiscal needs of your Associations more efficiently and effectively – all under the umbrella of your own familiar accounting platform.
Cogent Bank is headquartered in Florida with locations throughout the state to serve you. Cogent is rated as a 4-Star, “Excellent” bank by BauerFinancial, an important consideration regarding the safety of your Community Association’s funds. Our Association Banking Experts live and work in your communities, a key differentiator in our approach to assisting you.
Reach out today to discover how we can help improve your financial processes. We look forward to partnering with you and delivering the superior client experience you deserve.
Disclaimer: The information contained herein is for informational/educational purposes only. The views and opinions expressed in this document may be those of the individuals and may not necessarily reflect those of Cogent Bancorp and its subsidiaries and affiliates, or the entities they may represent. Content contained herein may be used in connection with the advertising and/or marketing of products offered by Cogent Bank or Cogent Private Wealth. The material is not intended to provide or substitute for legal, tax, or financial advice or to indicate the availability or suitability of any Cogent Bank product or service. You should consult with a legal, financial, tax, or other appropriate professional(s) for your specific needs and/or objectives before making any decisions.
