In late 2017, core data processor CU*Answers released some sweeping changes to the Accounts Payable (A/P) system in CU*BASE® making it easier to process invoice payments and adding the ability to pay vendors via ACH. Coming in July, credit unions will have the ability to automatically generate a payment advice email (with comments) to notify the A/P vendor that a payment was made.
Also coming in July will be a new Accounts Payable Dashboard that provides qualitative data about the workload of a credit union’s A/P department. Information regarding how many invoices get processed, number of vendors that are paid, and how payments are being made (check vs. ACH) will be available. This dashboard will provide great insight regarding the volume of work a credit union’s A/P department is juggling.
More improvements are in the works to not only the Accounts Payable system but for other accounting functions like subsidiary processing (fixed assets, etc.) and ACH processing. Keegan Daniel, VP of Professional Services and Manager of the Earnings Edge team said, “CU*Answers continues to build out our operational databases not only for improving overall workflow but also for providing analysis of the many functions that accounting/back office teams perform.”
About CU*Answers, Inc.
CU*Answers offers expertise in implementing technical solutions to operational needs, and is a leader in helping credit unions form strategic alliances and partnerships. CU*Answers provides a wide variety of services for credit unions including its flagship CU*BASE® processing system (online and in-house) and Internet development services featuring It’s Me 247 online and mobile banking. Additional services include web development, network design and security, and image check processing. Founded 40+ years ago, CU*Answers is a 100% credit union-owned cooperative CUSO providing services to credit unions representing over 2 million members and $20 billion in credit union assets. For more information, visit www.cuanswers.com.
