Rose Report: Issue 10
Paperless Payables and Payments
Paying bills has never been as easy as it is with RFSPayments, an entirely web-based system designed by Rose Financial Services to transform an organization’s check runs into an electronic, paperless payments process. Payment selection and approval occur online, and companies can choose whether a bill is paid with a traditional check, “electronic check”, ACH, credit card, or vendor initiated debit. RFSPayments simplifies the check signing process by generating a PDF with secure links to all supporting invoice copies and documents, eliminating the need for accounting to aggregate supporting documents for review by check signers.
RFS Paperless payments gives an organization complete control over how it pays its bills:
• Traditional Check Run:
Bills can be paid through a traditional check run for organizations that are not yet ready to pay all or any of their bills electronically. These companies can get the benefit of viewing all supporting documents in a customized PDF as they sign and release their checks. This is useful for tax payments that are not made electronically, or other payments that require physical checks.
• Electronic Check:
Bills can be paid electronically through “Electronic Checks” or ACH’s. Electronic checks are checks that do not require your signature. Funds to cover these checks are debited from your account in one transaction. Checks to these vendors are sent from an escrow account. Unlike other alternatives, full transaction history is maintained in your company’s accounting software. This simplifies the bank reconciliation process and leaves a transparent audit trail that’s easy for auditors to follow.
RFSPayments will register your vendors to receive payments via ACH. Vendors get their funds in two days instead of five, and the cost to the company is less than half the cost of processing a check. Credit card and vendor initiated debits can be processed through RFSPayments just as easily. All transactions can be tracked through the same system which simplifies the audit at year-end.
3 Easy Steps to Pay Bills:
1. First, a user creates a payment batch by clicking on a drop-down menu that displays all of their unpaid and approved invoices—which have been carefully indexed, coded and reviewed—and they simply choose all bills they want to pay.
2. RFSPayments has a digital invoice review, where clients have the ability to click on any of the invoices they’ve selected for payment and instantly retrieve supporting documents, including a digital copy of the actual invoice. This handy feature allows the person approving payments to quickly—but thoroughly—double-check all the details.
3. After reviewing the selection of invoices to be paid, approved individuals can approve the payment batch; “electronic checks” and ACH’s can be released for payment with an electronic signature while traditional check runs can be approved printing and issuance to the authorized signer.
And don’t worry, RFSPayments completely integrated with RFSPayables, an electronic bill processing and approval system, allowing clients to manage their payables and payments in a completely paperless payments environment. Notifications can be set up for every step of the process. For example, an individual processing an invoice can be automatically notified by email once the invoice has been paid. This increases communication and clarity throughout the accounts payables department.
With RFSPayment clients have access to the most efficient, accurate, and transparent payment experience possible. Click here to learn more about RFSPayments.