Villages – How does it work?

The system reduces the financial management of a village down to:

  • uploading the village budget into the system;
  • uploading your own invoices,via pdf batch, screen entry or excel, noting, the system automates recurring invoices:village fees, building fund, etc;
  • approving all invoices for payment (your Village manager does this), this includes your own invoices;
  • liaising with us on entries and exits (we need information to setup payments, etc)

Capital guardians take responsibility for:

  • resident collections (direct debit or recurring eft credit)
  • training suppliers and setting up to invoice through our portal
  • invoicing recording, storage and retrieval
  • supplier payments (paid weekly after approval)
  • reconciliations
  • village reporting
  • invoice storage and audit trail
  • independent procurement proposals of major supplies (electricity, gas, telco, etc)

Upfront process

  • Delegations of authority are set up for the village operator . The village operator nominates who approves what and the financial limits for each supplier.
  • The village operator provides Capital Guardians with:
  • a list of suppliers and the services they provide
  • the existing budget for these expenses
  • This information is loaded into the system.
  • The village operator advises 3rd party suppliers that Capital Guardians is their nominated contact for invoicing electronically.
  • Village residents are setup with Capital Guardians accounts to enable payment of village fees.
  • Suppliers have access to an interface that can be used on a smart phone (tradesmen) or will interface with any accounting system online … to make invoicing
  • administration free.

Ongoing process

  • Capital Guardians will receive all invoices and where invoices are not received electronically, we will request such.
  • Repetitive pre-approved invoices are paid on a timely basis, which will ensure any early payment discounts are received. Typically, these expenses are council rates, utilities, insurance etc.
  • Non-repetitive suppliers are approved for payment by matching the purchase order to the invoice, and the village operator approving online against the budget.
  • Capital Guardians will collect all resident fees for the village operator and will provide detailed remittances to suppliers.
  • Capital Guardians provide monthly expenditure reports, against budget at month end detailing:
    • Expenditure type, monthly actual spend, monthly budget, year to date actual, year to date budget and variances between the actual and budget
    • Online reporting with a drill down facility to a digital invoice (in pdf),
  • Capital Guardians will also provide quarterly and yearly reports prepared for analysis and village reporting, as required.

The Benefits

  • operational and administration efficiencies
  • reduce the residents service and maintenance fees through procurement savings (buying power)and account management
  • modern, paperless procedures for expense approvals (purchase orders)
  • no requirement to maintain back-office skills in-house which enables staff to concentrate on core business requirements (ie caring for residents)
  • transparency for village reporting in accordance with the Retirement Villages Acts with timely and accurate reporting
  • services can be tailored to meet village operates specific requirements and goals
  • facilitate the collection of out of pocket expenses for reimbursement to a village operator