One of the most important parts of property management is the collection of monthly common charges and special assessments. Vision Management uses a statement billing system and bank lock box system for collection of assessments.
Each month, Vision Management sends every owner a statement listing current common charges and/or special assessments due, open (unpaid) charges if applicable, any payments received, and a total balance due for the month. Each owner then remits payment to the Association's post office box. The bank deposits the remittances daily. Throughout the month, the bank provides us with the deposit transactions that we systematically import into our accounting system.
The advantages to your Association are:
- Common fees are deposited daily. Maximum value is attained by accelerating conversion of payments and deposits via same day deposit as the receipt of mail into your interest earning account thereby eliminating idle funds and drastically reducing the cash-to-bank time.
- Less billing disputes. Each month, owners receive a statement of their current balance to insure proper crediting of payment.
- Better cash flow and fewer delinquencies. Simple monthly reminders to unit owners can help improve cash flow by reducing your Association's dependence on misplaced or forgotten payment coupon books.
- Convenience and efficiency. Our statement features a detachable payment coupon with a check-off column for positive payment identification and faster processing of remittance.
- Communication. The bottom of the statement can be used for account aging and special messages.
In accordance with the civil code and the Association's policy regarding collection of past due balances, we send dunning notices monthly and work with several area law firms when formal legal collection is necessary.