RSMUS.comA survey of finance leaders contains some eye-opening insights about the accounts payable (AP) process.
Vendors ranked the speed of payment as their top priority, followed closely by getting full payment, emphasizing the need to accelerate payment cycles without compromising data quality. However, the number of respondents who are pleased with the current state of the AP process has dropped from previous survey years, suggesting that things aren’t improving as fast as anyone would like.
Things look similar on the payer side of the equation. The majority (59%) of AP leaders are under pressure to do more with less while reducing costs at the same time, and they’re spending too much time on data entry and manual processes. No matter how determined they might be to get payments out faster, obstacles and inefficiencies stand in the way.
The good news for both sides of the AP process is that Sage Intacct offers a simple but transformative solution for handling payments.
EFT Payments in Sage Intacct
The Sage Intacct financial platform upgrades accounts payable in countless ways, especially with a Marketplace of specialized solutions from third-party developers that extend the platform’s already robust capabilities.
One solution in particular—the TSG AP Payment Manager—gives Sage Intacct the ability to handle electronic funds transfers (EFTs) as part of the AP approvals process.
Previously, paying invoices was a time- and labor-intensive process that was applied to each document individually. Now, that process can be expedited and largely automated, getting payments to vendors lightning fast and without error while eliminating hours of manual data entry each month for the AP team.
Here’s how it works:
- Integrate TSG AP Payment Manager seamlessly with Sage Intacct.
- Create EFT payment files quickly and easily through a simple UI.
- Drill into payment batch, AP bill, or payment details for reference.
- Choose from multiple payment methods: check, wire, ACH, and more.
- Send EFT files to major banks including Wells Fargo, BOA, Chase, and more.
- Extend the solution to any bank and file specification, or upload EFT files manually.
- See payments automatically applied to AP bills after bank processing.
For any AP process that does not currently rely on EFTs, switching from manual to electronic transfers is a game changer. What’s more, it’s increasingly the norm as the AP process continues to digitize and now automate in the age of AI. Teams eager to keep vendors happy, make their operations more efficient, and stay on track with peers will need to embrace EFTs sooner rather than later.
Fortunately, any finance unit with Sage Intacct and the TSG AP Payment Manager has all the tools it needs to be integrated under one umbrella. Plus, Sage Intacct does not charge transaction fees, unlike some other solutions.
Now that it’s so easy to create EFT payment files in Sage Intacct, the obstacles to a more optimal AP process no longer stand in the way. Accounts payable will never be the same.
RSM: Do More With New Technology
RSM can help on multiple fronts. Our team can set up EFT payments in Sage Intacct and show users how to make the most of this new capability. We can also help any organization get started with Sage Intacct, or find creative and strategic ways to get more from their existing Sage Intacct deployment. Finally, RSM’s expertise spans from technology to accounting, finance, and business consulting, equipping us to solve problems and engineer upgrades across all facets of the organization.
Whether you want to improve AP, accounting, or everything, contact RSM.
