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None Enable AP professionals to focus on the highest impact activities with regard to member service and business growth GreenState Credit Union turned to BankTEL to help navigate the conversion to a fully automated AP workflow and bill payment software solution. The credit union utilizes a range of BankTEL products including ASCEND Accounts Payable, Invoice Inbox, Approval Workflow, AvidPay, Fixed Assets, Prepaids and Accruals, and Remote Imaging. Before transitioning to fully automated accounts payable, GreenState Credit Union relied upon a paper-heavy, manual workflow that cost AP professionals precious time, offered little to no reporting capabilities, and made it difficult to build processes for approvals and vendor/invoice management. Although GreenState Credit Union has seen a positive impact from implementing a full suite of BankTEL automation solutions, Jennifer Grecian points to a seamless integration into their core Symitar, as the most beneficial feature.

The best automation app solution for fixed assets allows you to track assets and manage costs within a fully-automated system, which reduces time-consuming re-keying of information. You shouldn’t settle for anything less than an automated application that offers the ability to sell, dispose and track assets, and interface with the GL, tax reporting, depreciation forecasting and complete integration with AP. Instead of tracking fixed assets on an Excel spreadsheet, automation allows you to easily run monthly depreciation entries, automatically integrate all of the information into the core system, and then pull customized reports based on your unique needs. With automated fixed assets management, you can set class defaults to facilitate GL and tax assignments, and interface directly to the GL for posting depreciation and disposals.

Manual AP and a reliance on paper checks exposes banks and credit unions to avoidable fraud that can be devastating to an FI’s bottom line and reputation. Your team can design custom approval rules based on your FI’s unique needs that ensure that all invoices are paid on time, every time. When paid consistently over time, a seemingly inconsequential early-pay incentive, such as a 2% discount for invoices paid within 10 days, can contribute significantly to your FI’s bottom line. Automating accounts payable allows you to streamline your FI’s entire AP workflow, save time and money, prevent fraud and simplify vendor management.

Year-End Planning: 4 AP Goals to Aim for in 2021 From increasing efficiency to saving time and money, automating AP can help financial institutions achieve four milestone goals in the new year. A huge number of banks are just now sending a handful of employees back to work, and every time someone has to go into a branch for the express purpose of managing paper checks or invoices, is one more time that an employee is needlessly sent into harm FIs that want to optimize efficiency will start by eliminating paper, especially paper checks and invoices, as the first priority for the AP department in 2021. Steering away from the outdated, traditional way of processing AP allows FIs to save money, not just on the cost of all of that paper and postage, but critically, on the numerous hours saved that you will now be able to leverage toward more strategic goals.