API Integration: Increasing Efficiency While Working Remotely
The COVID-19 pandemic has changed the way many companies do business. The good news is that these changes aren’t all bad. Common-interest community management companies across the U.S. have had to pivot their operations to run their businesses more efficiently, with many employees now working remotely. Enhancements in technology and Application Programming Interface (API) integrations have made this not only possible, but quite simple.
These applications help financial institutions exchange data with certain partners, such as accounting and management software companies. This type of data exchange has revolutionized the software industry. It’s no longer necessary for your software to ingest large files with large amounts of data. With API, that data can now be transmitted in real time, saving time and money—and making operations more efficient in the process.
Amid the virtual office many companies have turned to, API integration gives users the ability to:
- Perform essential banking functions within existing software. Gone are the days that you have to constantly go back and forth between your accounting software and the bank’s platform to review financial data. API integrates into your existing accounting program so you can perform tasks such as viewing check images (stored at the bank).
- Optimize cash flow and reduce costs through automation. Historically, bank reconciliation has been a tedious, manual task that was time-consuming for the accounting staff and often delayed the production of financial reports for clients. API offers businesses the option to fully customize their tasks through automation. Items can be reconciled at will, on a daily basis, or as the accountant is closing the month.
- Get 24/7 access to your financials. Cloud-based accounting platforms enable users to check balances, pay bills, make transfers, and perform other banking activities safely and securely from anywhere they can access the internet.
While future uncertainty during the pandemic still looms, now is the time to take action on the operations and efficiency improvements you can control. Bottom line: API connectivity makes working remotely much easier. If you aren’t already using API, see if this technology is right for you by visiting ppbi.com/HOA or call (470) 445-1912 for more information.
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Barry Coleman is the senior vice president and director of the community association banking division at Pacific Premier Bank. He works with management companies to help improve efficiencies and ultimately reach their business goals.