EFT Processing has transformed my role as the AP person in our small to mid-sized enterprise!
SUSAN FOUCHE, ORCHID SYSTEMS
But I get ahead of myself. First let me describe what the process used to be...
Assuming all invoices had been received, approved and entered, the payment process could begin. The level of organization required was akin to planning one’s weekend finances in the days before the ATM. Yes, I hail from that era.
Was there paper and toner in the printer? Were there envelopes in stock? Were there sufficient cheques in the chequebook? Was management available to sign said cheques? And last but not least, were there sufficient stamps? If not, a tedious trip to the post office was in store.
Without a doubt, the monthly payment run was a cause of stress. It took planning and a lot of time, being such a manual process. The concerns did not end with putting the cheques in the post. One then had to consider the issues with the postal service, would the payments be received in time, and what opportunities were being presented for petty criminals to amend the mailed cheques.
Since EFT Processing was implemented the payment process has been transformed!
To begin with, the AP Vendors had to be set up. This took some data entry, but afforded me the chance to clean up the AP list and only include current vendors in the EFT Vendor list.
- The payment batch is now generated when convenient. It can be reviewed and amended as required, and the payments can be generated shortly before they are due, rather than having to allow for the post when calculating the due by date.
- An advice only form is generated and can be printed or filed as a PDF.
- Once the payments have been posted the EFT batch is generated and sent to the bank. This only takes a matter of minutes at the most.
- The EFT file can be uploaded into the banking software at any time and the bank file date for processing can be forward dated, allowing the payment file to be prepared ahead of time if required.
- And last but not least, with the click of a button I email the remittances to the suppliers!
This secure, convenient and flexible method of processing payments has been that little candle in my life...
"How far that little candle throws his beams!"
PORTIA
(from The Merchant of Venice, by William Shakespeare)
About the Author:
Susan Fouche has been with Orchid since 1999. She wears many hats at Orchid including HR, bookkeeping, and dealer liaison, in addition to being responsible for the day to day running of the office. You can find out more about Susan and other Orchid staff members at the bottom of our About Us page.
