Credit unions play a vital role in their communities, offering member-first service, personalized financial solutions, and relationships built on trust. But behind the scenes, many credit union finance teams are stretched thin, juggling increasing invoice volumes, regulatory demands, and time-consuming manual processes.
That’s where accounts payable (AP) automation can help. The right AP solution can strengthen security, improve accuracy, and give your team more time to focus on strategic initiatives. But with so many platforms available, how do you know what to look for?
Let’s walk through the must-have features of an AP automation solution built with credit unions in mind.
Built for Compliance and Security
As a financial institution, your standards for security and compliance are higher than most. Your AP process handles sensitive vendor data, payment instructions, and internal approvals—all of which must be protected and properly documented.
Essential features to consider:
- Bank-grade encryption: Encryption helps safeguard invoice and payment data as it moves between systems, users, and vendors. This reduces the risk of data exposure and gives your IT and compliance teams confidence in the platform’s security.
- Automated audit trail: Every action—invoice receipt, approval, exception handling, payment release—is time-stamped and logged. These records make it easy to prepare for internal audits or regulatory reviews without manually compiling documentation.
- Fraud prevention tools: Built-in controls like duplicate invoice detection, vendor validation, and multi-factor authentication help you catch red flags early. For credit unions managing member-owned funds, these safeguards are critical to maintaining trust.
When it comes to AP, compliance is crucial. Finding a solution that both meets your business needs and security standards is necessary.
Integration with Core and Accounting Systems
Your finance team already relies on core banking and ERP systems to manage day-to-day operations. Your AP automation solution should work with those platforms, not around them.
Here’s what makes a difference:
- Supports integrations with major credit union core systems: Native or purpose-built integrations reduce the need for custom development and ensure that data flows smoothly between systems. That means fewer delays, better data hygiene, and more streamlined operations.
- Reduces manual entry and error: When invoice and payment data sync automatically, you eliminate double entry and reduce the chance of costly mistakes. This also helps enforce consistency in GL coding and vendor records.
- Enables real-time visibility: A fully integrated solution updates invoice statuses, approval progress, and payment confirmations. Your team can quickly answer questions, track cash flow, and close the books faster without hunting for information across systems.
The right AP automation solution is the one that fits into your existing workflows with minimal stress or added effort.
Human Support, When You Need It
It’s easy to assume automation means less interaction. When it comes to onboarding and support, however, credit unions need a provider who’s responsive, knowledgeable, and invested in your success.
That’s why these elements matter:
- Local customer support: Fast, reliable support from people who understand the financial services space makes all the difference when questions come up or changes are needed.
- Expert implementation guidance: You need more than generic setup instructions—you need advisors who help configure workflows, approval routing, and integrations based on your internal policies and team structure.
- Vendor onboarding services: A great AP solution helps bring your vendor network along by assisting with communication, portal setup, and training. This reduces disruption and gets everyone up and running faster.
Support that’s as strong as the software ensures your team isn’t left navigating a learning curve alone and reinforces long-term adoption.
End-to-End Visibility and Control
Manual AP processes often create blind spots. You’re unsure if an invoice was approved, where it’s stuck, or whether a payment has cleared. That lack of visibility slows down decisions, increases risk, and creates friction across departments.
Automation can help, with features like:
- Dashboard reporting and analytics: A centralized view of your AP process allows you to monitor invoice volumes, approval bottlenecks, spend by vendor, and payment timing. This insight supports more strategic planning and stronger cash management.
- Customizable approval workflows: Whether you route approvals based on amount, department, or GL code, automation ensures the right people review the right invoices; no chasing down signatures or tracking emails.
- Role-based access: Set permissions so team members only see what they need. This adds an extra layer of control and reduces the risk of internal error or fraud.
Visibility and control go hand-in-hand. Together, they help you make informed decisions, enforce policies, and stay audit-ready without slowing down.
Mobile and Remote Accessibility
With hybrid work now the norm for many businesses, your AP tools should work as easily outside the office as they do in it.
Here’s why access matters:
- Cloud-based platform: No VPNs. No desktop-only software. Cloud access ensures your finance team can review, approve, and track invoices and payments anytime, from anywhere.
- Mobile-friendly interface: When an invoice needs approval or a payment requires sign-off, you shouldn’t have to wait until someone’s back at their desk. A mobile-ready experience keeps workflows moving, even on the go.
- Secure remote access: With appropriate login protections and encrypted sessions, your team can work confidently without sacrificing data security.
Mobile functionality turns AP from a bottleneck into a business enabler by giving your team the flexibility to act quickly, even when they’re away from their desk.
Scalability for Future Growth
New member services, additional branches, and increased invoice volume are all growth areas that place greater demands on your finance team. Your AP solution should support that growth without requiring constant upgrades or workarounds.
Look for:
- Support for higher invoice volumes: As your business scales, your AP tool should handle increased throughput without adding headcount or increasing manual work.
- Flexible configuration options: Whether you add new approval roles, update your GL structure, or introduce new payment methods, your solution should adapt.
- Regular platform updates: You shouldn’t have to ask for innovation. Choose a provider committed to continuous improvement, with new features and enhancements that help you stay ahead of industry changes.
- A long-term relationship: Look for a vendor that understands your long-term goals and has a proven track record in the credit union space. The right provider will help you grow smarter.
Scalability ensures that your AP automation investment continues to deliver value—not just today, but well into the future.
Making the Right Choice When It Comes to AP Automation is Crucial
The right AP automation solution both improves how you pay bills and transforms how your credit union operates. By focusing on features that enhance security, ensure compliance, integrate seamlessly, and support your team with expert guidance, you can eliminate manual tasks and reclaim valuable time.
Look for a provider that understands the unique needs of credit unions and designs their technology to align with your mission. With the right tools, your team can focus less on paperwork and more on delivering value to your members.
Need a helping hand with your AP automation journey?
With real-time visibility, expert support, seamless integrations, and a commitment to continuous innovation, AvidXchange empowers credit unions to streamline processes, reduce manual workload, and focus on delivering exceptional member value. Choosing AvidXchange means partnering with a provider dedicated to your growth, efficiency, and long-term success. Contact us to book a demo today and see how we can help your team get started.
The information presented on this page is based on research and intended for educational purposes only. Anyone seeking to follow the information contained herein should consult their own advisors and conduct their own research prior to doing so. AvidXchange, Inc. and its affiliates disclaim any and all liability resulting from reliance on the information contained herein.