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New Strategies for Improving Disbursement Efficiency
Remember the days (about a decade ago) when property managers created purchase orders by hand, ultimately routing them via mail for approval? Luckily today, most commercial real estate companies have some type of procurement process that can improve efficiency and mitigate risk to their business.
Among the options for improvement, a real estate organization may find that a centralized disbursement system can make it easier to maintain control, obtain information, concentrate excess cash, improve fraud prevention, provide greater access to cash position information and improve forecasting accuracy.
PNC Real Estate clients may find that Payables Advantage can help them gain these efficiencies.
Payables Advantage is a payment initiation platform that centralizes disbursement functions through a single consolidated payment file. Payment types may include check issuance, card payments, ACH and wire transfers. These services can also include a robust outsourced check printing and mail solution.
Payables Advantage allows you to:
- Submit multiple payment types through one consolidated payment file.
- Incorporate multiple file formats and delivery methods due to its flexible input architecture.
- Save money with unique and highly customizable check printing capabilities that include:
- Multiple custom formats for different disbursements: accounts payable, payroll, dividends, rebates, refunds, claims, etc.
- Flexible text and remittance information presentation on the payment stub
- Document insertion to support additional notifications to payee
- Benefit from new enhancements to the PINACLE® Electronic Advice Delivery services including vendor management search capabilities and vendor management file upload functionality.
- Anticipate enhancements to vendor management capabilities that will allow you to store vendor payment instructions by vendor ID in Payables Advantage.
Check printing options can boost efficiency
As the industry volume of B2B check payments decline, fixed costs of supporting internal check printing processes and equipment become more substantial. It’s not surprising that more clients are instituting PNC’s outsourced check print options every year.
Payables Advantage’s check print solutions can print checks off any linked U.S. or Canadian bank account and deliver check issuance information to the clearing bank for positive pay and account reconcilement services.
By implementing a specialized and fully integrated payables solution, your company can automate the antiquated manual tasks that still often plague most payables management departments. Please contact your PNC Treasury Management Officer to customize a payables solution for your company.
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Bank deposit, treasury management and lending products and services are provided by PNC Bank, National Association, a wholly owned subsidiary of PNC and Member FDIC. Lending products and services, as well as certain other banking products and services, may require credit approval.
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