ACOM Solutions offer a set of modules designed to allow “end-to-end” solutions with the objective of processing all your business-to-business payments.
The solution offered from ACOM automates your entire accounts payable operation, from data capture to payment processing and reconciliation. With over 4,000 customers and 34 years in business, ACOM Solutions, Inc. is an industry leader in AP and payment automation solutions. ACOM is an Abila partner and provides integration of its AP automation solution with MIP Fund Accounting™. NFP Partners has been a value partner with ACOM for over five years.
Data Capture and Approval
As with any organization automating their accounts payable operations, data capture is one of the major factors to consider. ACOM’s EZContentManager provides various methods to capture the data needed for the accounts payable process. One method is OCR capture (Optical Character Recognition). Using OCR, the system will parse the information contained within the scanned or electronic document, recognize the data, then route the invoice for approval based on this information.
The second option captures data via the inbox. This method, again, identifies specific data to begin the process. Clients can use a combination of both of these methods for data capture. Once data is held, it will be manually or automatically assigned an approval path based on the particular workflow routing rules established by clients. One item that may be helpful in this solution is the fact that there are no limits to the workflow set up, meaning you can have sequential and parallel approval paths. ACOM enables users to design static or dynamic routing and delivers automated email notifications to alert approvers of tasks awaiting their individual processing assignments. As approval routing is time-based, users may arrange the timed launch of specific notifications and re-routing escalation procedures. Another factor that can be helpful that multiple people can be assigned a task, for example, two AP clerks can share the access to manage the system.
The ACOM AP automation solution comes with a unique payment processing module. This module enables MIP users to eliminate 100 percent of their check printing and mailing costs and become 100 percent paperless with their vendor payments. The module integrates directly with MIP providing the users with full visibility and control over the payment process, eliminating all the payment headaches and costs without languishing any control.
ACOM has a comprehensive AP payment module and is usually free of charge to qualified clients. If the client submits their vendor list containing the vendor name, address and AP annual spend, vendor analysis will determine whether the program and service are free of charge. An NDA is available. To learn more about this program, click here.
Access Documents from MIP screens – ACOM’s EZContentManager allows users to see the actual document images through MIP screens. This eliminates the cumbersome operation of toggling between application screens.
Distribution Codes – one additional feature is the ability for EZContentManager to use distribution codes set up in MIP. This means that an approver can simply indicate that the coding should follow X distribution without having to enter each line.
ACOM Payment Hub Add-on
ACOM’s integrated payables system is bank-level secure enabling users to connect data from their MIP system on to one platform to pay vendors and suppliers with a single payment file. The system allows the connection of multiple bank accounts and invoice data from multiple offices and processing points to centrally make payments of any type—including virtual credit cards, checks, ACH or wire. ACOM also manages the transition of a user’s vendor community from paper to ePayments with their communications & enrollment program. Their objective is to get 75% of vendors paperless for payments. ePayments implementation and processing are provided at no cost to qualified organizations.
EZCM operates in a traditional client-server technology model. The ePayables Payment Hub is a secure cloud-based system. ACOM is expecting to release their cloud-based AP automation system in the first quarter of 2018.
Integration with Accounting Software (MIP)
Integration with MIP is accomplished through various methods. Vendors and chart of account table changes are picked up immediately through APIS developed by ACOM, where individual AP transitions are brought into MIP through the Import utility.
Licensing and Cost
Implementation Consulting – ACOM’s entry-level AP Automation EZCM solution can be obtained for less than $10,000. However, as with any system, it is always imperative to get exact information from the provider.
Annual Maintenance – Annual maintenance and unlimited hotline support is 20% of the license cost.
Subscription –On-Premise software costs are based on upon the number of users and document types.
Organizations Best Suited for ACOM Solutions
There are many factors that come into play when deciding on the best AP automation solution. ACOM feels that it provides a unique opportunity for Not-For-Profit agencies of all sizes and varieties.
Below you will find links provided by ACOM to a demo video for an Abila-MIP and brochure.
NFP Partners is a “Value Partner” with ACOM and can respond to questions about the product. Please contact Lee Bengston.