In my 30 years as an ERP consultant, I’ve spent a lot of time with AP team members at client sites. Seeing the common issues with ERP payables systems and getting payments out the door efficiently has taught me many things, but above all –
Working in accounts payable can be a tedious, thankless job.
You spend hours creating check batches, often manually selecting individual invoices from hundreds of vendors for payment approval. This may have to be done for more than one company, one or more times a week.
Then you come to the office to print checks, get them signed, make and file copies of the checks with documentation, stuff envelopes, and put them in the mail. You have to keep up with all the changes to vendor banking information, validate addresses and name changes due to mergers and moves. It can take a lot of detective work and manual effort. With many workers still working from home, check runs may be down to once a week or less and that can delay payments to your vendors.
ACH payments can help ease the process – but if you have hundreds of vendors, tracking bank information, name, and address changes can be exhausting. On top of that, everyone has to be on the lookout for fraudsters who try to change bank information or require “urgent” payments via phishing emails.
What if you could outsource your payments but still maintain control of who is paid and when?
The right payment automation tool can help!
Mekorma Remote Payment Services (RPS) helps you do just that. When added to the Payment Hub, RPS lets you automatically create your payment batches and send a file to our outsource provider, who will pay all your vendors by check, ACH, or virtual credit card.
Our partner will vet your vendor changes, payment selection type, and update all the records. The service will handle payment inquiries or problems and take the liability for any fraud. You’re still able to run a check batch in-house if needed, and you always control who gets paid and when.
The best part? Mekorma’s payment automation system is fully integrated with your Dynamics GP or Dynamics 365 Business Central software.