How Technology Can Improve Your Financial Processes!
Today’s financial systems offer technologies to improve processes and streamline operations. Implementing these technologies takes time and commitment.
Have you wanted to start paying your vendors via direct deposit, thus reducing the number of checks printed and the associated mailing costs?
Here’s how to get started:
- Start with implementing an electronic payments policy to ensure the governing body is aware of this change and is supportive.
- Change the needed information at the bank to implement this feature on the disbursement account.
- Set up the system changes to support this payment method.
- Run a campaign is needed to notify vendors of this new payment method and urge them to sign up.
- Implement internal procedure changes; process the forms, prepare and upload prenote transactions (if required or desired), and set up the email remittance process to the vendors, process to implement related to uploading the payment file to the bank and the review and release of the file for processing (in support of segregation of duties).
Once implemented, you will see the efficiencies of producing an electronic payment file to upload vs printing a stack of checks to be signed, stuffed, and mailed.
The annual process of reporting 1099’s to the Internal Revenue Service (IRS) and the W-2’s to the Social Security Administration (SSA) can be an electronic process as well. The paper-based processes are labor intensive and, for those entities with many forms to file, are not an option. Both the IRS and SSA offer electronic filing portals that are simple and easy to use. Many accounts payable and payroll systems are set up to generate the necessary files in the required format and can be a simple upload to the portal.
A Maner Costerisan professional can provide the dedicated resource needed to work through the steps to implement these process improvements. Give us a call 517.323.7500.
Additional Blog Posts of interest: Top Reasons to Preform a Technology Security Assessment