Accounts Payable Software for Banks

Your bank has very ambitious goals for 2018.

Is another acquisition on the horizon? Will you open more branches in adjacent markets? Only time will tell, but your gut says it’s going to be another very busy year.

As your bank continues to expand at a rapid pace, prolonged reliance on paper documents and courier services is becoming less feasible. That’s especially true when it comes to your accounts payable process.

Perhaps it’s time you considered the implementation of an accounts payable software at your bank. If so, our modular document management repository, AccuDoc, might be the perfect fit.

The Problem with Manual AP Routing

Streamlining your AP process may seem like a low priority with everything else going on at your bank. In reality, however, an inefficient accounts payable department can inhibit growth, tarnish supplier relationships, and waste valuable time and resources.

Here are just a couple reasons why:

Paper Invoice Routing: Many invoices still arrive at your bank through the US mail service. Once received, the invoice is typically noted by the AP department and sent (via courier service) to the correct approver(s). Hopefully, the invoice successfully arrives on the approver’s desk and is signed off on. Unfortunately, things don’t always go as planned, which is why your AP team keeps a tickler spreadsheet as a reminder. Once an invoice is finally approved, the file must then be sent back to the accounts payable team via interoffice mail for payment. When it’s all said and done, several days (or weeks) have passed before a check is actually to the vendor.

PDF Invoice Routing: Some invoices arrive in digital format (typically as a PDF file). Although the courier service and interoffice mail can be bypassed, approvals still take forever. The PDF is saved and logged by the accounts payable department, forwarded to the correct approver, and then noted in the AP tickler sheet. Several follow ups later, the invoice is finally approved and ready to be paid. Fewer steps, but equally frustrating.

How Accounts Payable Software Can Help

A system like AccuDoc reduces many of the bottlenecks associated with accounts payable management. Rather than routing hard copies or attachments, documents are immediately scanned (or uploaded) and stored in an intuitive vendor management hierarchy. Just locate the correct vendor, add the invoice’s details (such as amount, due date, and comments), and save an imaged copy to the record. Everything is stored securely on your bank’s server.

Vendor Directory AP

Once logged in AccuDoc, the electronic invoice can then be digitally assigned to the correct approver – just by clicking a button. (It’s worth noting that AccuDoc will only show those approvers who are authorized to approve up to the given amount.)

Assign Invoice

Once assigned, the requested approver will receive an email notification, alerting him or her that a new invoice is requiring review. Clicking the email brings the user into the AccuDoc platform, further simplifying the approval process.

AccuDoc Log In

Approving (and denying) invoices is also as easy as clicking a button.

Approve Invoice

Better yet, the original requester no longer needs to keep an external tracking spreadsheet. AccuDoc keeps track of which invoices have been approved – and, which ones are still open for review.

Once an invoice is approved, both the approver and original requester will receive an email alert, keeping key stakeholders in the loop. AccuDoc also creates a log of the entire approval history for each invoice. No more wondering who approved what. It’s all right there in AccuDoc.

Approval History

For banks seeking additional efficiency, AccuDoc can even be connected to the industry’s most popular third-party check paying systems.

Is Accounts Payable Software Right for Your Bank?

If 2018 turns out anything like 2017, your bank could reap significant value from an automated accounts payable workflow. AccuDoc is a great option for growth-minded banks like yours.

Ready to try AccuDoc for accounts payable? Learn more about our affordable plan options.

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