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.”