Can Board members see paid invoices in the portal?
This is a genuinely useful discriminator between firms. Ask for a demonstration during the search: open the portal, pick a month, click through from a general ledger line to the scanned invoice image behind it. Some platforms do this in two clicks. Some cannot do it at all.
Ask how far back the history goes, whether the images come across in a transition, and whether every Board member gets access or only officers. Read-only access for all directors is normal and appropriate; a firm that restricts it to the treasurer is making a governance decision that is not theirs to make.
The wider question underneath is what a Board member can see and do without calling anyone. That answer varies more between companies than almost anything else they sell, and it is easy to test before you sign and impossible to change after.
General information for Board members, not legal advice. State law and your governing documents control, and both vary.
More on money, records and compliance
- What should be in our monthly financial package?
- What is a reserve study and how often do we need one?
- Does the management company arrange our reserve study?
- Do we need an annual audit, and does management handle it?
- What insurance limits should we require from a management company?
- What is a fidelity bond and how much coverage do we need?
The RFP template, scope checklist, interview scorecard, notice calendar and transition checklist your Board would otherwise build from scratch. No email address, no signup, nothing sent to you afterwards.