Here are some of the Discovery items to consider to optimize your AP payment automation:
- Gather bank account information
- From what companies and checkbooks will you be making payments?
- You will need the routing number and account information for each checkbook used for payments.
- Decide what payment types will be made -outsource all payments? or manage separate batches of checks, EFTs, credit cards and wire transfers?
- Review your security model if you want a payment approval process in place.
- How many signatures and approvers will you want on each payment depending on its Dollar Value and its Vendor Class?
- Do I want to implement the approval system or just print signatures without an approval system?
- Gather Signatures
- Do you need signature files for approvers or authorizers?
- If not, will you be setting up and processing EFT payments in-house?
- Do you plan to use the Action Board? If so, you will want to review with your AP team their needs:
- What are the exact processes and frequencies for building AP batches?
- What are their needs around posting reports?
- What payment batch types will they be processing—Checks? EFTs? Outsourced payments?
- What is the printer configuration?
- Do you use Multi-Entity Management (MEM) by Binary Stream? In that case, you may need to purchase the Mekorma MEM Connector and study how to configure it.
Will You will be Printing Checks?
Most of our users want to print at least some checks in-house even if they send most of them through EFT or outsourcing. If you want to print in-house, you will need to consider these supply questions:
- Printers and Supplies
- Do you have a printer that can do the job? We recommend that you have 2 flat-bed trays—one for check stock and one of overflows and EFT remittances
- Do you have a Magnetic printer toner?
- Choose your check stock
- Will you use pre-printed or blank check stock?
- Check Formats
- Mekorma comes with a library of pre-configured check formats that can be customized from within the Mekorma Payment Hub Configurator. What formats do you need?
- Gather images to include on your check
- Will you use a company logo?
To use the Mekorma PowerApprovals mobile application
If you want to use a payment approval process, and give Approvers the ability to approve/ reject transactions remotely, then Mekorma PowerApprovals is for you! Our mobile application allows Approvers to get the job done without needing to log in to Dynamics GP. Approvers can use a mobile device or a supported browser.
Please follow this link to get all the details on system requirements and IT considerations.