1st Quarter Newsletter

A Message From Boyce

BoyceAs a software company we are constantly looking for ways to enhance our existing systems or develop new systems to improve the automation process. From the feedback a lot of you have given us, we have several new products either under development or on the drawing board.

One of those products will be a Vendor Portal. This cloud-based system is designed for your vendors to securely log in, submit invoices and research paid/pending invoices. These submitted invoices will then be electronically downloaded to the BankTEL Accounts Payable System. It will operate much like Branch Scanning but the invoices come directly from your Vendors saving time and effort. See the additional article on the Vendor Portal.

As we look toward new products to assist you in your daily processing, we also identify enhancements with our existing products to better serve you. One of the newest updates comes to the Expense Reports module. Employees now have the ability to identify branches and costs centers for individual expense items. If you would like more information on this please contact our support team.

We are about to embark on our first BankTEL Users Group meeting of 2015 in California in March. We invite anyone that has an interest in joining us in Napa Valley on March 12th and 13th to please fill out this registration form and return to us as soon as possible. Information on the additional meetings this year can be found below.

We hope that you have a successful 2015 and we look forward to serving you this year. As always if I can be of any services please let me know. We appreciate your business.



Vendor Portal

VPiconWe are pleased to announce the Vendor Portal as the newest member to BankTEL’s list of web based applications. The Vendor Portal is a web-facing application geared to compliment your BankTEL AP application by allowing vendors to effortlessly upload invoices for payment. This safe and reliable cloud based application allows a bank’s current and oncoming vendors to access the portal at any time and place to better service an invoice as needed. Once approved by the bank, the existing invoices can be uploaded into the Accounts Payable system to help automate the process even more than before.

A new vendor, once approved by the bank, may create their own profile and begin to upload as many invoices needed. Information such as due dates, price, comments, and even the image of the invoice itself can be uploaded into the portal for the bank’s review. The vendor may also view the status of their invoices to keep track if they have been paid.

Once the vendor’s invoices have been entered, notifications to the bank are made of the awaiting payments to be processed. A bank can enter the portal with as many users as needed to review the invoices and take action by importing those invoices into your Accounts Payable system when ready. The portal acts as an automated process by receiving invoices, saving key entries, reducing errors, and uploading data into your Accounts Payable system. Once the data is within the AP application, invoices can then be processed for payment.

If you would like to know more about the Vendor Portal, please contact us with any questions you may have.

Product Spotlight

erThis quarter’s product spotlight features the Expense Reports module. BankTEL’s expense report application is a tool that any financial institution may use to automate the expense reimbursement process for all employees and even for the Accounting department. Below is one of our customer’s renditions of the expense reports module that tells about the huge impact this module has had on their reimbursement process.

Traditional Bank
We spoke with Connie Caskey-Keith, Administrative Financial Assistant at Traditional Bank, about her experience with the Expense Reports module and how it has had an overall effect on the bank.

Traditional Bank started looking for a new Accounts Payable suite in the beginning of 2013. At the time, the bank’s whole accounting process was comprised of physical receipts and invoices being passed around from department to department, manual approvals, and filing cabinets stacked with invoices all throughout the accounting department. Manual paper was such a normalcy to them that they could not envision having a completely automated and paperless process, but the CFO and Accounting department knew something had to change.

After much discussion and review, Traditional Bank decided to add the whole BankTEL Accounting Suite, including the Expense Reports web application. In January 2014, the bank went full force with the Expense Reports module by pushing it out throughout the whole company. Connie explained that she has seen a tremendous change in how much more automated the bank has become when comparing their process before expense reports to the process now.

Traditional Bank currently has 215 employees overall, and 137 of those employees submit personal expense reports, while 45 employees (mostly upper management) submit credit card expenses.

Employee Reimbursement Process Before BankTEL
Personal expense reports were submitted manually through a system that the bank’s IT department created from scratch. The employees would go in, enter their expense items in the system, and the system would generate an email notification to the approver. However, the receipts had to be interoffice mailed to the approver separately. Then, after approval, the approver had to interoffice the receipts to Accounts Payable. After all receipts were received, the accounting department still had to enter each and every expense and even manually file away each receipt. This process was very time consuming for every person in the process. Credit card expenses were also a nightmare for the Accounts Payable department. Typically, when Accounts Payable received the credit card statement, the accounting clerk would go to the copier and make 45 separate copies of the statement. Each statement was mailed to each executive, manually signed off on, and then the statement with all the physical paper receipts were all mailed back to Accounts Payable in a yellow envelope. Of course, accounting would then manually enter every expense and file away the receipts.

Both of these manual processes made it almost impossible for someone to go back and research the audit trail on any expense report. During an audit, Connie explained how she would have to pull the statements from the file and physically hand the auditor the file that contained all the receipts. The files were alphabetized, so that made it easier to get to for Connie, but every year, she had to rotate out the oldest files and move those to storage.

Expense Reimbursement Process Now
Now, with the Expense Reports module, all of the manual filing, manual approvals, and duplicate entry are eliminated.

Traditional Bank’s employee reimbursement process has made a complete 180 from the way things were done before. For personal and credit card expense reports, employees simply open the web module and begin entering expenses for mileage, travel, meals/entertainment, and other. Even the receipts may be attached to the expense report before it is submitted for approval.

Traditional bank uses the notification system built-in to expense reports as well. That way, once an expense report is submitted, the assigned approver for that employee is automatically notified and can login into the module to review the whole report along with all the receipts that the employee attached. Connie mentioned that she loves how the system keeps track of all the emails sent throughout the process and all the approvals, comments, and edits along the way.

By the time the accounting department receives the expense report, all that the accounting clerk has to do is click to review the details of the report. Every expense that the employees submitted and every receipt attached flows smoothly into Accounts Payable for final review after the appropriate approvals have been completed.

Connie said that the turn-around time for expense reimbursements is much quicker. Everyone is paid much faster. Also, people can view their expense report throughout the process and even after payment. Even approvers can see invoices that apply to accounts in their budget.

According to Connie, one of her favorite things about this new automated system is that the process does not rely on one person to get done. If the Accounts Payable person has to be out, the bank can still pay expenses.

BankTEL extends our thanks to Connie and the whole team at Traditional Bank, who worked with our implementation and support team to get this module up and running for the bank. Our team, at BankTEL, is truly happy to see such a huge turn towards automation and efficiency by using the Expense Reports module. We enjoy seeing our customers happy, and we also hope that the relationships between us, Traditional Bank, and all of our customers, continue to thrive.


“I am enjoying the transition and additions we made within Accounts Payable by adding the expense report module along with other modules. When I use something daily, I want it to be helpful to me by saving time, and provide flexibility and manageability. The credit card expense reporting is saving me massive time monthly. I have to say it is my favorite of the expense reporting module because of the flexibility offered within this module and no more receipts are arriving in my office in an envelope. I don’t miss any of our old processes and I am still learning all the capabilities after installing over a year ago. I think all of our upgrades have been phenomenal. No more paper shuffling, no more flying receipts arriving in interoffice envelopes, and that puts a smile on my face.”
Connie Caskey-Keith,
Traditional Bank, Mount Sterling, KY

User Group Meetings 2015

Registration is now open for all BankTEL User Group meetings scheduled for 2015. At this time, we are negotiating with hotels at each location for reduced room rates. We would like to know how many attendees we should anticipate for each event. Please send your registration form in as soon as possible.

The four locations have been selected for 2015 and they are:
Napa Valley, CA Friday, March 13th
New York, NY Friday, June 5th
Louisville, KY Friday, September 25th
Clearwater Beach, FL Friday, November 20th

The fee for each attendee is $250 and financial institutions may send as many people as they would like. Prior to each event, BankTEL will host a Thursday night reception for all attendees. The reduced hotel rooms rates will be available for three days prior and three days post event, so plan on making a long weekend out of the trip.

If you have any questions, or would like to submit your registration, feel free to send Chad Thomas an email.

BankTEL listed on Deloitte 500

BankTEL Systems ranked 483rd on Deloitte’s Technology Fast 500™, a ranking of the 500 fastest growing technology, media, telecommunications, life sciences and clean technology companies in North America. BankTEL grew 143.8 percent during this period.

BankTEL’s chief executive officer, Boyce Adams, Sr., credits innovative software and exceptional service and support with the company’s near 144% revenue growth. He said, “We are honored to be recognized as one of the country’s fastest growing technology companies. Over our 22 years in business, we have seen steady revenue growth and have added clients both in the US and internationally. Our corporate philosophy remains focused on developing software that uses automation to increase efficiencies and reduce costs for financial institutions.”

“The companies ranked on the 2014 Deloitte Technology Fast 500 continue to set the bar for their industry higher each year,” said Eric Openshaw, vice chairman, Deloitte LLP and U.S. technology, media and telecommunications leader. “There are so many exciting products and smart thought leaders driving this list. We congratulate the Fast 500 companies and look forward to seeing them continue their momentum into 2015.”

“For 20 years, the Deloitte Fast 500 rankings have honored the innovation that is part of these companies’ DNA,” added Jim Atwell, national managing partner of the emerging growth company practice, Deloitte & Touche LLP. “We’re glad to be serving these high-growth companies, and helping the technology sector recognize the great strides and transformation these companies are making in their respective areas.”

Overall, 2014 Technology Fast 500™ companies achieved revenue growth ranging from 135 percent to 123,678 percent from 2009 to 2013, with an average growth of 1,640 percent.

About Deloitte’s 2014 Technology Fast 500™
Technology Fast 500, conducted by Deloitte LLP, provides a ranking of the fastest growing technology, media, telecommunications, life sciences and clean technology companies – both public and private – in North America. Technology Fast 500 award winners are selected based on percentage fiscal year revenue growth from 2009 to 2013.

In order to be eligible for Technology Fast 500 recognition, companies must own proprietary intellectual property or technology that is sold to customers in products that contribute to a majority of the company’s operating revenues. Companies must have base-year operating revenues of at least $50,000 USD or CD, and current-year operating revenues of at least $5 million USD or CD. Additionally, companies must be in business for a minimum of five years and be headquartered within North America.

4th Quarter Newsletter

A Message From Boyce

Boyce1The 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.

Product Spotlight

poRelyance 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.

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“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

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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

taxTo 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 support@banktel.com.