QAD Bank Drivers: Business Case

Posted on: April 14, 2022 | By: Minela Covic | QAD Financials

This blog details a QAD bank drivers business case, in which leveraging bank drivers solutions enabled greater business efficiency.

Business Case

The client pays their vendors once a week during their Accounts Payable run. 90% of their payments are made via check currently. Their current ERP does not allow them to store supplier bank numbers in the system and does not allow them to export electronic payments. Therefore, for the few vendors that require ACH or Wire payments, the client has to type in the payments manually on their online banking portal. This has prevented the client from moving towards electronic payments and is the reason the client mostly issues checks.

Solution

We have implemented bank drivers in QAD where the client can export bank files from QAD and upload to their bank for payment processing. There are multiple bank drivers to support ACH payments, Wire payments, and Positive Pay exports. Now the client can add and maintain their supplier bank numbers in QAD and specify the payment method using the payment format field in the supplier bank number. They can also maintain multiple supplier bank numbers and payment formats with native QAD. The payment run is then kicked off by using standard Payment Selection functionality in QAD

Read more:

Leveraging the Versatility of Supplier Payments in QAD

Why Accounts Payable Automation Is a Must for Automotive Manufacturers

 

Benefits

  • This will allow the client to move away from check processing and towards electronic payment processing. Compared to checks, electronic payment processing is a more secure payment option. Unlike checks, electronic payments cannot get lost in the mail and the recipient cannot view sensitive information.
  • Furthermore, paying suppliers electronically is faster and thus can help improve your relationship with your suppliers. The convenience of electronic payments also makes it easier to quickly issue time-sensitive payments
  • The cost of sending an electronic payment is typically substantially lower than sending a physical check. Checks require printer maintenance, magnetic ink, and check stock.
  • Printing checks is time consuming and involves manually placing them in envelopes and applying postage.

Next Steps

If you are interested in learning more about Bank Drivers in QAD and/or maximizing the use of your QAD system, contact us here to find out how we can help you grow your business. You can also email us at info@loganconsulting.com or call (312) 345-8810.



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