What is AR Snapshot?
Accounts Receivable Snapshot or AR Snapshot is a data aggregation service that is provided to community association by Axela Technologies. It may be provided on a monthly basis and conveys to the manager and boards of director’s information that cannot be found on standard accounting and financial reports.
How is the information from this report different from information we are already receiving?
For starters, you’re probably limited to looking at the following financial statements on a regular basis:
- Balance Sheet, which is statement of the assets, liabilities, and capital of your condo or HOA at a point in time.
- Income Statement, which reports the revenues and expenses of an organization.
- Cash Flow Statement, which shows how changes in balance sheet accounts and income affect cashand cash equivalents, and breaks the analysis down to operating, and financing activities
The other set if data and analytics Axela’s AR Snapshot provides are as follows:
- The total market value of the property (community association).
- The total equity in all the combined units of the association.
- The average equity per unit.
- The number of units that are absent of equity.
- The average mortgage balance of all the units in the community association.
- The single largest mortgage balance.
- The number of active delinquent units.
- The average delinquency amounts.
- The aging of the delinquency amount.
- The largest delinquency.
- The annual change in delinquencies.
- The monthly change in delinquencies and what the trend is.
- Of the all the delinquent units how many have equity and how many do not have equity
AR Snapshot will review all these data points and on a balanced scale determine a score of how your community association is standing regarding delinquent accounts. AR Snapshot is a critical tool in giving you the hindsight of telling you where you were, the foresight of letting you know where you are headed, and the insight so you can decide what to do about it.
How is it that Axela can provide us with such a great deal of critical information?
Our proprietary software platform reaches out far and wide into public domain sites and retrieves information on each single unit in your community association, and we analyze that data and put it all in a very easy to understand report that clearly conveys this critical information. We will need access to your accounting records to provide a complete AR Snapshot.
Is it not intrusive for the board and management to have all this information on individual units?
Not at all. All the information obtained is available on public sites and is then it is analyzed using highly sophisticated algorithms so that your manager and board of directors can know the position of your community association. Always keep in mind that although your condo or HOA may be your home, it is first and foremost a business and having this data is crucial to proper governance.
What is the cost of AR Snapshot to the community association?
Contact us to discuss pricing. Customers that sign up for one of our other service offerings often receive our AR Snapshot for at no cost.