An email was just sent to confirm your subscription. Please find the email now and click 'Confirm Follow' to start subscribing.
You have already subscribed to this site. Please check your inbox.
You can manage your preferences at subscribe.wordpress.com
If your company is not based in the United States (or even if they are!) there are business mysteries behind banking and taxation that don’t exist in many other places and sometimes don’t seem to make a lot of sense. A lot of those requirements originate from state and federal level regulations. This paper checks blog series will uncover what those mysteries are and how to understand them as systems that can be easily managed with Dynamics NAV and Dynamics 365 Business Central.
We also know the configuration and setup of the system to handle paper-based checks, to design checks that can be printed on plain check stock instead of pre-printed check stock (another fraud prevention measure), and to route and store the results of those efforts can be time-intensive and expensive, especially when we may not understand or have the experience to fit to all the nuances of these complex processes.
This is our top ten list of best practices to be used to replace the typically used processes above.
Any of these can be put into place gradually and most require no customization or use of add on products to accomplish. There are many more things that can be done also but getting started with this will get you there the fastest.
For any company that has not yet seen the benefits of an electronic-only payment system, here is what an optimized process should look like, inclusive of vendor and customer payments.
There really is no true reason for companies to continue to process paper checks. All the regulatory and banking reasons are gradually being removed in favor of the movement to electronic payments, and most banks are actively working with their customers to eliminate paper checks based on the benefits of fraud prevention alone. Many US-based companies who have not updated their processes simply need to understand what is possible and how to manage the change in their organization to put different processes into place.
If you’d like some help with de-mystifying business processes and correct system setup related to US-based accounting practices, please get in contact with us to discuss how New View Strategies can help. We have specialists with deep accounting expertise in using Dynamics NAV and Dynamics 365 Business Central who can move quickly through the requirements for your company and establish clear and accurate processes to manage these complex business needs.
Looking for more topics related to US-based accounting? Check out the rest of our related blogs at the links below.
Why is the U.S. still using paper checks and what to do about it (Part 1 of 3)
Why is the U.S. still using paper checks and what to do about it (Part 2 of 3)
Why is the U.S. still using paper checks and what to do about it (Part 3 of 3)
The good, the bad, and the ugly side of US bank reconciliations
Pay me now or pay me later: managing 1099s throughout the year
What’s wrong with U.S. sales tax and how to make it right with your ERP system
What is South Dakota vs. Wayfair and why should companies who sell online care?
O Canada! GST, HST, GIFI and other three- and four-letter words related to Canadian taxes