BankTEL Announces Successful Conversion of Merchants Bank – Vermont

Kathryn Towle, the Corporate Controller of Merchants Bank in Vermont, shares how her bank successfully converted to BankTEL, the process and the positive results:

“Merchants Bank was introduced to the BankTEL platform through our core provider. We are currently going through a core conversion and they recommended the BankTEL product to be an integrated tool for Accounts Payable processing and Fixed Asset reporting.”

“The module was very user friendly and it encompassed more tools for things that we process manually using spreadsheets now, like the prepaid module and the expense reporting tool.”

“The primary people from our bank involved in the implementation process were our Accounting Manager and our Accounts Payable Specialist. Additional assistance was provided by myself (Corporate Controller), our Project Manager, and the entire finance department to be on board with the transition, training, implementation and rolling out to our entire organization.”

“The test environment helped our staff in our working knowledge and comfort level in the BankTEL system. I would recommend converting the Fixed Asset system into the test system as well, as we did not have the opportunity to. We also found all of the live webinar trainings provided by BankTEL to be very helpful in seeing the system prior to conversion.”

“Although our Core Conversion is not happening until late October, we chose to implement the BankTEL system early to alleviate the impact on our department during the General Ledger conversion. We are currently using the Accounts Payable, Fixed Assets, Prepaids, and Management Reports. The Accounts Payable module is very nice, very user friendly. The accounting staff really likes that it is all paperless, and that it is very easy to approve batches and process a check run. We have just begun rolling out the Management Reports tool to some of our Executive/Management team and we have only heard good things about how easy it is to use.”

“As Vendor Management is a hot topic with the FDIC this year, we are really looking forward to utilizing the BankTEL tool to help us keep on top of expiring contracts and all of the documentation that we obtain for our hundreds of vendors to stay compliant, complete our due diligence and to keep track of our higher risk vendors in a centralized location.”

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“The Accounts Payable module is very nice, very user friendly. The accounting staff really likes that it is all paperless, and that it is very easy to approve batches and process a check run. We have just begun rolling out the Management Reports tool […] and we have only heard good things about how easy it is to use.”

Kathryn TowleCorporate Controller of Merchants Bank in Vermont

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