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)
- village reporting
- invoice storage and audit trail
- independent procurement proposals of major supplies (electricity, gas, telco, etc)
- 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.
- 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.
- 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