A Vanguard Advantage…Online Payables Processing and Record Retention
How It Works…
Step 1: Receive Invoices, Images, Code, and Post Online
- Paper invoices sent to P.O. Box
- Vendors can also email or fax them
- We scan the paper and put online
- We also enter basic invoice information: business unit, vendor, invoice #, amount and dates
Step 2: Provide Flexible Online Invoice Approval
- New invoices posted to hosted online system for users to view and approve
- Email notifications are sent to users
- Customizable workflows can exist per business unit
- Can limit access rights per user
Step 3: Send Payments Out Daily by Check or ACH
- After approvals, invoice set to pay
- We send payments by paper check or through electronic ACH
- Invoice and payment transactions get posted to customer accounting application through interface
It’s time for a Business Class Bill-Pay solution
Business banking customers have different need from individual consumers. Most online banking bill-pay services do not address the complex needs of business banking customers: paper invoice receipt is not handled, a multi-user invoice approval process is not acommodated, and the payment options are limited. Take a look below at ome of the similarities and differences between the two.
| The Differences between OBP and Payables Lockbox | Online Bill Pay |
Payables Lockbox |
| Supports electronic invoice submission (EBPP) | X | X |
| Paper invoices are received, extracted, and imaged | X | |
| Invoice coding information is extracted | X | |
| Supports multiple users with configurable access rights | X | |
| Supports configurable online invoice approval process | X | |
| Supports company business unit configuration | X | |
| Check payments sent for the business | X | X |
| Vendors can choose to get paid by ACH | X | X |
| Payments can be scheduled for future date | X | X |
| Invoices may be grouped into single payments | X | |
| Payments include detailed remittance information | X | |
| Supports payment from multiple bank accounts | X | X |
| Payment transactions can be loaded into business accounting system | X | X |
| Invoice transactions can be loaded into business accounting system | X | |
| Integrates with major accounting software packages (QB/Peachtree) | X | X |
| Integrates with any software with an interface or import/export capability | X | |
| Ability to view and search for payments sent | X | X |
| Ability to view and search for invoices paid or in approval process | X | |
| Ability to send email notifications | X | X |
| Provides invoice image storage and backup | X |