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7 steps to break free of Paper Addiction

7 steps to break free of Paper Addiction

At TMC, we print maybe 100 checks a month. Rent, insurance, filtered water… all the wrappings of a corporate office space. This month, we implemented Microsoft Dynamics GP Payables via ACH (Automated Clearing House) /EFT (Electronic Funds Transfer). The process is quick and easy and free (at our bank)!

Step 1

Connect your favorite Consultant with the Electronic Payment department at your bank

Step 2

Enjoy endless back and forth emails between above parties as they set up the necessary documents and format the reports. Honestly, this took forever in my mind. The bank appeared to have never heard of ACH/EFT. It took us 3 bank reps before we found someone that could understand and assist us to completion. Third one was a charm!

Step 3

Get ACH/EFT training from same favorite Consultant. Julie set up a word document for me to follow. It shows step by step screenshots and is very straightforward and easy to understand.

Step 4

Confirm ACH/EFT details from your vendors. Other than large corporations, I’ve had an easy time of gathering bank account and routing details from our trusted vendors. These are entered into GP in the Vendor card. Vendors love being paid practically overnight!

Step 5

Enter your invoices as usual. Your approval process may change internally as you won’t have the physical checks to hand to your manager for review.

Step 6

Run the ACH/EFT process. It takes less than 5 minutes to create a batch, select your checks, print remittances and submit the ACH/EFT file to your bank.

Step 7

Grab a latte with all that free time you’d normally be spending on printing and copying and folding and stuffing and stamping and mailing the checks!

ACH/EFT saves your company money in so many ways: TIME! This is the biggest saver as your employees spend less time on the payables. MONEY! No checks, no envelopes, no postage, no payments lost in the mail. EARTH FRIENDLY! You’re not using paper or toner or a printer, no fuel for transporting the checks, nothing to shred or dispose of in a landfill.

While the process took time and patience, it was so worth it! The information won’t change unless the company banking information changes. It’s easy to maintain and a very safe way to manage your payables.

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