One of the most important things an Owners Corporation does is handle your money. At SSKB we have processes and systems in place to ensure that your funds are handled with care.
When invoices are received, the Owners Corporation pays them once they have been approved following the standard SSKB procedure. Most often, there are no issues associated. However, on rare occasions bumps in the road can occur. SSKB’s standardised processes ensure that any abnormality is corrected immediately.
A recent example of SSKB taking extra precautions to ensure your funds are handled with care is through an Owners Corporation in Victoria.
They had a purchase of $36,000 to a furniture company that was to be paid by the Owners Corporation.
The furniture company sent an invoice to the Owners Corporation, it was loaded to the online invoice hub, approved by the Committee and paid as per the normal process.
SSKB then received an email from the furniture company stating that there was a mistake and the payment had been received twice. They were to refund the Owners Corporation $36,000.
The creditor called SSKB about a possible double payment and our accounts payable team told them that they would need to contact the Owners Corporation and get back to them with the instructions.
SSKB found that no double payment had been processed through our system so the accounts payable team sent the query off to the Owners Corporation to check with the Committee if they knew anything about a double payment.
Before SSKB received any response from the Owners Corporation, we received an email from the creditor to say that they had processed the refund as per our instructions. SSKB had not given instructions therefore we called the creditor straight away and had them send an email where the instructions were received.
The copy of their bank receipt and the email they sent through showed that email came from a fraudulent email address (made to look similar to SSKB), providing account details that our Owners Corporations does not bank with.
SSKB called the creditor straight away to explain that the email/instructions were fraudulent and to call their bank straight away to recover funds. Happily in this case, the creditor was successful in getting their money back.
SSKB then called and supplied the Owners Corporations bank account details over phone for the creditor to pay back the extra payment.
SSKB identified this fraudulent activity quickly with one of our Victorian clients, stopping the payment before anything could happen.
SSKB’s attention to detail and standardised Accounts Payable processes meant that we picked up any kind of anomaly quickly and protected the Owners Corporation from losing $36,000 to fraud.
Although these situations are rare, SSKB ensures each step of our processes are completed for every transaction to ensure our Owners Corporation and Bodies Corporate are protected.
If your Owners Corporation does not have systems in place to ensure your funds are protected to the standard of SSKB, call us today or click here.