Episode 13 - Accounts Payable Payments

Let's start with the problem.

Why does accounts payable payments continue to be such a challenge for Acumatica customers, even as ERP systems continue to get more and more capable?

Sure.

The challenge really is the two things.

Well, a few things, but I'll start with the most common ones that I hear day to day.

I speak with Acumatica clients and clients all across different accounting systems and industries.

But focus on Acumatica and payable problems first would be the time it takes to...

Let's start with initiating payment.

So in Acumatica, you generate the payment.

And I've heard stories where the client's exporting a file, going into a bank portal, inputting that Notch file into a bank portal.

There's risk there because there's data being transferred, exported and imported.

And then also they're going into a portal that's external from their accounting system.

So you just said like ERPs are advancing with making it more efficient, but there's still that process that I'm hearing where people are taking that data out, going into a bank portal and then asking their CFO or owner to approve a payment in the outside system, right? That's one.

Another problem would be, you know, vendor inquiries.

If they're going into, you know, an X system instead of their home ERP, Vendors are calling, where's my payment? You know, checks are sent out.

ACHs obviously goes to the rail and then goes to the vendor's bank account.

But for check payments, the time it takes for an AP team to follow up, find the payment, follow up with the vendor, and then give them the answer is also, you know, it's time.

So that's one.

And then I said a few.

The third one, not my favorite because it's not a fun one.

It's fraud.

So I've heard, like most recently, a few weeks ago, and it was actually an Acucomatica client, where they had about a thousand checks just like taken, like intercepted.

Wow.

And I'll share more about how we can solve for that later on.

But that is still happening.