Three New Year’s Resolutions for Your Financial Institution
As the year nears its end, most people are reflecting over the past 12 months and considering goals for the New Year.
One study found that roughly 80 percent of people who set New Year’s goals fail by mid-February. Those who manage to stick to their resolutions do so because they see immediate benefit — like better-fitting jeans or an improved credit score. In other words, if participants were getting immediate rewards from their new habits, they would be more likely to stick to them.
When you think about your goals for your bank or credit union, do they yield immediate benefits? If not, then you should consider adding automation of your AP processes. A decision to automate your accounting processes could reap rewards in productivity, efficiency, and compliance and enable you to reclaim valuable employee time, reduce check fraud, and generate income back to your bottom line. Here are three resolutions to consider adding to your company’s goals:
1. Transition manual Accounts Payable to an automated process.
A recent survey of Accounts Payable professionals by PYMNTS.com found that 64 percent believe greater access to data and financial intelligence regarding their processes would be beneficial. Nearly 60 percent believe enhanced data insights could help reduce fraud risks and improve compliance.
BankTEL’s ASCEND solution completely automates the process for managing invoices, saving time and reducing the opportunity for errors. It also lets your accounts payable department track invoices and easily access information anytime during or after the approval process.
Mercantile Bank of Michigan says implementing ASCEND and going paperless significantly improved Accounts Payable processes. The bank decided to add ASCEND after completing a merger that dramatically increased the bank’s footprint.
“Now with ASCEND, we are a 50-branch institution easily processing 2,000 invoices a month with one employee and no problems,” said Andrea Whitney, Officer, Financial Reporting Team Lead. It’s an understatement to say it saves us a lot of time. I don’t even know how to quantify it.”
2. Simplify and streamline expense report reimbursements.
Manual expense report reimbursement can be time-consuming, burdensome, and costly. It also can be risky. In a Robert Half Management Resources survey, 56% of CFOs cited an increase in the number of inappropriate reimbursement submissions over the last three years. Automating the process can cut fraud in half.
Plus, BankTEL’s expense report reimbursement module also streamlines the process with features like remote scanning of receipts;corporate credit card import; and mobile approval. Whitney said the BankTEL’s module reduced the reimbursement wait for employees from more than a week to about three days.
3. Do away with checks.
In a recent supplier survey by ePayments, 82% said they are “likely or are very likely to accept” a new method of payment and 72% of respondents said they would prefer being paid electronically (via ACH or VCC).
AvidPay, an automated payment solution offered through ASCEND by BankTEL’s parent company, AvidXchange, offers flexible payment options for your vendors. It also eliminates manual data entry and paper invoices and enables you to review, code and approve invoices anytime, from anywhere.
Eliminating paper checks can save you time and money. It can also reduce the risk of fraud. According to Let’s Talk Payments, increased security is one of the many benefits of turning to e-payments for businesses. In fact, 73% of organizations were reported to have experienced actual or attempted fraud, with non-electronic processes being the No. 1 source of fraud.
Bottom line: Make sure to set goals that reap a true benefit for your company. Automating your Accounts Payable processes will yield significant, positive results for your bank or credit union and free up valuable employee time to focus on other company goals.
If you’re ready to dig deeper into automating your AP processes, contact us to schedule a demo with BankTEL today.
With a 27-year history of serving clients of all sizes, BankTEL is the only international software company that focuses solely on accounting solutions for financial institutions, offering both accounts payable and payment automation technology. BankTEL delivers solutions to more than 20% of the U.S. market share.