It has been a few years since we discussed the benefit of utilizing of ACH (Automated Clearing
House) and thought it would be a good time to revisit the topic in case you missed it!
Similar to direct
deposit for payroll, ACH allows for electronic payments of funds to
vendors. Rippe & Kingston also recommends considering the use of ACH to reimburse Firm
employees.
Rather than distributing or mailing paper checks, you can easily set up your employees as vendors within R&K's LMS in order for expense reimbursement to go through ACH processing.
Rather than distributing or mailing paper checks, you can easily set up your employees as vendors within R&K's LMS in order for expense reimbursement to go through ACH processing.
With ACH, you can automatically transfer a payment directly to the vendor or employee bank account. This process eliminates the need for printing and distributing checks, and it offers convenience to the employees, eliminating extra time and travel to the bank.
Functionality & Features of ACH include:
- A/P banks can be utilized for disbursements via ACH processing as a Payment Type (ACH, Check, or Wire) and vendors can be assigned a default Payment Type
- Check Selections will request the Payment Type
- An ACH selection will create a file for uploading to your bank
- Bank designees can receive check registers via email
- Vendors (i.e., employees) can receive payment processing notifications via email
