A Message From Boyce
The fall is a time for change. With the changing of the seasons from summer to winter, we embrace this time of year to reflect on the year and look forward to ending the year on a high note.
At BankTEL, the fall season has us looking forward to a number of changes as well. As you may have seen, we released our initial version of the Budgeting module earlier this month. I am really excited about this module as it is something that we have been routinely asked for by our clients the past several years. The Budgeting system will continue to evolve and, I believe will become a popular addition to the financial suite. If you would like to learn more about the Budgeting module, please click here or give us a call at (662) 245-1007.
In addition to the Budgeting module, BankTEL will be announcing a new cloud based accounting system for small business offered by our sister company, theBIZ. TheBIZ has been in development for over 2 years and will be making its release in the 1st quarter. What theBIZ will bring to you is a cash management tool for your small business customers, including bill pay, electronic invoicing, financial reporting and integration to your core system along with many other features. The most exciting part is a revenue share agreement with the financial institution so we can grow your business and better serve your small business customers. If you would like to learn more please visit The Biz website.
Another item that I am extremely excited to announce is, we are coming out with a new version of the accounts payable, fixed asset and pre-paid and webapps. The new platform will be browser based with a SQL backend. The new system will still reside in-house and the new system will offer many additional new features. We are developing a five year plan for migrating customers and some conversion fees may apply. More information will be released early in the year.
As you know we are always working to better our products and make your work day more efficient. With that being said, we have heard from some of our clients requesting functionalities that we do not currently have. In order for us to learn more about your desires and to better help us prioritize new software, please take a minute to complete a brief survey.
Thank you and best wishes,
Inc 5000 list
BankTEL was named in the Inc. 500|5000 list for 2014, an exclusive list of the fastest-growing private companies in the nation. Since 1982, this prestigious list of the nation’s most successful private companies has become the hallmark of entrepreneurial success. BankTEL ranked #3,201 on the 33rd annual list with a three-year growth rate of 106%. BankTEL also ranked #8 on the Inc. list of top Mississippi companies.
Over the years, the Inc. 500|5000 has included companies like Microsoft, Timberland, Vizio, Intuit, Chobani, Oracle, and Zappos.com. “It’s an honor to be included in such a distinguished list of alumni,” said Boyce Adams, President & CEO of BankTEL. “BankTEL’s ranking in the Inc. 500|5000 list is a reflection of our dedicated commitment to our clients. I’d like to take this opportunity to thank you for our continual growth as we strive to develop solutions to meet the unique needs of financial institutions.”
Due Diligence Update
Throughout the year, our account managers and support staff receive requests for Vendor Due Diligence packages from our over 1,400 clients nationwide. In an effort to better serve you and to streamline the process, we have developed a way that you can request the documentation that you need to keep your vendor files current.
In addition to providing you a better way to receive due diligence information, we have placed information on the website on how to submit a support case, install hardware on your workstations and documentation on software updates.
To access all of this information, please go to BankTEL.com and click on the resources tab at the top. From the resource page, you have many options. You may submit a support case, join a support session and request a password to download the aforemetioned information. A screen shot of this page is below.
As always, feel free to call our support line at (662) 245-1007 or email our support team.
Relyance Bank, a BankTEL customer for almost three years, recently experienced a significant increase in efficiency in the purchasing area of the bank. Six months ago, Relyance added the Purchase Orders module to automate the way all supplies and capital expenditures are requested, approved and matched to invoices in Accounts Payable.
Anita Shafer-Durham, Senior Vice President & Controller at Relyance Bank, stated “we use the Purchase Orders module for any items that need “pre-approval” before we can order them.” For Relyance, this includes all supplies, furniture, fixtures, equipment, and software.
Before adding the Purchase Orders module, getting pre-approval for these items was a very manual process. Each of the 14 branches was given an Excel template to use when one or multiple items needed to be ordered. Sometimes, the requested items were not included in the Excel template, so a sample of the item would be attached to an email with the Excel document and sent to the purchasing department for approval. Once purchasing reviewed the request, approved items would then be sent to a secondary approval through email and manual approvals, and then the item could be ordered.
Not only was the pre-approval process time-consuming and manual, but Accounts Payable’s process of matching the invoice to a pre-approved purchase order was manual and sometimes non-existent. Accounts Payable would receive the invoice and manually enter all the invoice data. This process made it difficult, if not impossible, to track the pre-approval of the purchase order. There was no electronic audit trail to match to the invoice when manually tracking pre-approvals.
Now, with the Purchase Orders module, a branch or department can submit a requisition and it is automatically sent for approval. Relyance Bank uses a two-step approval process, so once the purchasing manager approves, the system automatically sends the finalized requisition to the secondary approver. Then, fully approved Purchase Orders are emailed directly to the appropriate vendors within the system. When a vendor fulfills a Purchase Order, the items may be entered as “received”.
For Accounts Payable, the process is even more streamlined. The Accounts Payable department will receive the invoice from the vendor, and simply select and import the Purchase Order that has been filled by that vendor into Accounts Payable. The invoice will auto-populate with all the details and attached images from the selected Purchase Order, and the complete audit trail including the pre-approval is automatically matched to the invoice.
Anita explained, “One of the things I really like about the system is that once a Purchase Order is approved and received from the vendor, the Purchase Order stays out there until we receive the invoice in Accounts Payable. Then, we can easily match the invoice to the received Purchase Order.”
This module reduced Relyance Bank’s Purchasing department’s time by 50% and reduced Accounts Payable time and risk significantly. Purchasing no longer manually tracks all the requested items on an Excel sheet. All approvals are automatically routed to the appropriate users within the bank, and each pre-approval is logged within the invoice history as soon as the invoice is entered into Accounts Payable.
The Purchasing Manager had a set goal to increase productivity within her department. With her expertise and the Purchase Orders module to help, Relyance was able to gain efficiency for two areas within the bank.
BankTEL would like to thank Relyance Bank for being a valued customer and for taking advantage of this opportunity to improve the purchasing process.
“Before we went with BankTel’s Purchase Order software we were doing a lot of paper shuffling with Excel spreadsheets. I LOVE this software because it tracks all purchases and attaches the POs to the vendor invoices in BankTel’s Accounts Payable software as they are validated for payment. It has streamlined our Accounts Payable and Purchasing operations significantly.”
Anita Shafer-Durham, CCBTO
Relyance Bank, N.A., Senior Vice President & Controller
User Group Meeting 2015
During the 2014 calendar year, BankTEL hosted three user group meetings for our clients in Chicago, Ill., Austin, Tx., and Boston, Mass. Due to the great response we have received from the attendees at the meetings and those asking for us to provide additional locations we are scheduing our 2015 BankTEL User Group meetings now.
The four locations have been selected for 2015 and they are:
- Napa Valley, CA – 1st Quarter
- New York, NY – 2nd Quarter
- Louisville, KY – 3rd Quarter
- Clearwater Beach, FL – 4th Quarter
Exact dates and hotel locations will be sent out after the first of the year. We would like for you to fill out this survey so that we have an understanding of the interest for each location and the number of attendees. The fee for each attendee is $250 and financial institutions may send as many people as they would like. We will have special group rates at hotels.
Please fill out the survey to let us know about your desire to attend a user group meeting in 2015. You will receive an email after the first of the year with additional information for each meeting.
Order Tax Forms
To ensure compatibility with BankTEL software, order your tax forms or checks from our preferred vendor – 1099-MISC/1099-DIV/1099-B are available. Compatible window envelopes and IRS Transmittal forms are shipped with every order. Please submit your contact information and you will receive a response from First Team Marketing & Commercial Printing.
If you would like to order over the phone, call Woodie Bounds at (601) 981-1776 or by email.
To order 1099 forms through BankTEL, please click here.
If you have any questions as to whether or not BankTEL offers a 1099 core interface for your provider, please contact BankTEL support.
For questions concerning Year-End Processing, ordering Tax forms, or assistance with any other BankTEL products, please contact BankTEL support at (662) 245-1007 or email@example.com.