How Integrated Accounting Software Can Help Banks Prosper

How Integrated Accounting Software Can

 

Whether you’re a community bank or a national company with multiple branches, integrated accounting software can help you save time and money. Specialized banking applications can help your financial institution streamline daily tasks such as accounting, budgeting, asset management and more. This not only improves competencies within the organization, but helps you provide faster service to clients and vendors.

So, what types of tools are out there? Industry­savvy financial software companies like BankTEL offer tailored solutions to simplify your bank’s managing and reporting tasks. Below are a few examples of helpful tools:

Accounts Payable

With designated accounts payable software, financial institutions can efficiently track and manage invoices and approvals, make EFT and direct deposits payments, withhold payments, and manage tax rates and scan paper invoices directly to file. Reduce clutter by scanning paper invoices directly to file. It’s a cost­effective way to save time and stay in good standing with clients.

Fixed Asset Management

A fixed asset application can help your institution sell, discard, or transfer assets across branch locations and clusters. Advanced software lets you sort and pull up reports by category, location, and time, making budgeting a snap. Other helpful features may include tax reporting with built­in tax code compliance, advanced forecasting tools, and compatibility with a variety of inventory scanning systems.

Vendor Management

How a financial institution handles vendor risk ratings plays a huge role in its long­term profitability. Risk management software helps banks keep tabs on multiple contracts and manage vendor ratings in compliance with FDIC guidelines. Ideal vendor management software allows institutions to add files to vendor records, scan multiple file types, apply compliance codes. and receive email updates on regulatory changes and contract term renewals. It all adds up to a more organized operation and greater peace of mind.

Expense Report Management

Without streamlined expense reporting tools, banks may be surprised by unexpected costs. Keep track of your bank’s operating and travel expenses with integrated reporting tools your entire staff can use.Management can approve or decline trip budgets and analyze the company’s costs on multiple levels. It’s an excellent way for banks to uncover otherwise obscured expenses, redefine their cost structure, and plan future budgets.

Advanced Budgeting Tools

Banks can take the bottlenecks out of budgeting with advanced cloud­based tools. Create and distribute master budgets to all levels of your organization. Quickly import financial data from various file types into your budgeting platform. Create budgets on the computer, or on your tablet or smartphone. Define and send finished budgets to unlimited approval tiers, and export them to other reports including general ledgers. Flexible customization tools let banks mold the software to their organizational structure, saving time and money.

Shareholder Management

Managing your company’s stocks and dividend payments doesn’t have to cause headaches. Heavy­duty
shareholder management software lets you compute and print dividend checks, file tax forms, export reports
to an array of file types, and manage shareholders. You can even simplify the handling of stock splits and
designated payment types including Sub­S and C­Corp.

Integrated Training Courses

What’s the use of investing in financial accounting software if you and your staff can’t figure out how to use
it? Experienced software companies like BankTEL know your time is valuable. That’s why BankTEL offers
free online training courses that give you the knowledge and skills you need to make the most out of your
new software.

It all comes down to cutting costs and bettering service to attract and maintain customers. With over two
decades of experience and locations across the country, BankTEL helps thousands of clients save money
and boost productivity every day.