TO: All Interested
FROM: Jim Bramer. Retired
RE: Online "Bill Management" System Originated in December 2003
"Today's "Ax to Grind"
If you are NOT comfortable using the Internet for financial record keeping purposes, then decide if you are going to read the balance of today's editorial after you go to a previous Editorial by Clicking Here that includes the statement below.
A Ministry needs to prayerfully utilize the latest proven "cutting edge" resources out there so we can use effective tools that permit us be the best possible steward. Such resources might include buying methods, computer and/or Internet systems plus other pertinent technology.
A couple of things recently happened to me on the same day:
1> I had just completed an in depth study about the "Online Bill Management System" found via www.paytrust.com and promoted by various commercial banks. Please Click Here for their FAQ web page for more details. Also Click here and see what Intuit via Quicken provides along these lines.
2> In a small group setting, some friends shared, completely out of the blue, how pleased they were with the "Online Bill Management System" that they are using as provided by one of those commercial banks mentioned above.
I did not say anything that evening to my friends about my earlier studies that day on this topic, but I wondered at the time if the Lord was trying to tell me something. I'm now convinced that we all should build from these type of Internet based applications that I have referenced when you Click Here and we should be utilizing these "Online Bill Management System" resources.
WHAT IS THE "ONLINE BILL MANAGEMENT SYSTEM" and WHAT DOES IT DO ?
It is a very private Internet provided Online repository (Tool box) for all approved bills and related matters. This includes the correct dollars/cents involved and the who, why, plus how/when it is time to be paid. This system allows you to have access to your Bank account info (or your Bank Statement equivalent), your Credit Card info (and the related month to date Statement equivalent), plus access to a scanned copy of your regular authorized bills that you process via this "Online Bill Management System".
Most payments are made via the Electronic Funds Transfer (EFT) Online Banking system -- or by paper checks/drafts that the system generates for you. Such an "Online Bill Management System" cuts down on the handling of paper, while it enhances the needed record keeping.
WITHIN THE CONTEXT OF Ministry Finance Team Helps , WHO WOULD USE SUCH A SYSTEM?
I believe that it is VERY applicable to either Interested BLVRs or Ministries via their MFTeam, etc.
HOW DOES THE "ONLINE BILL MANAGEMENT SYSTEM" WORK?
As indicated Here for Ministries, the appropriate Internal Financial Controls are in place to insure that the buyer makes an authorized purchase. The process above takes place in an "after the fact" environment --- the purchase decision has already been authorized and made so the "Online Bill Management System" simply efficiently and timely pays the bill. Remember .... the user makes these buying and payment decisions - not the system.
Please go to the FAQ web page at www.paytrust.com where you will gain significant insight as to how much this costs and how all this works.
But the System's next step includes the electronic placement of said transactions within the applicable software program (QuickBooks, Quicken and Money) for the needed accounting and reporting purposes, etc.
HOW DOES IT RELATE TO OTHER INTERNET FINANCE SYSTEMS COVERED HERE ?
As you readers of Ministry Finance Team Helps know, one of my primary thrusts is to assist Ministry MFTeams and BLVRs use the appropriate software to do their Fund Accounting and to always know who belongs to the money (or net assets) on hand, plus whether they have stayed within their authorized spending limits (budget), etc. Please Go Here for some more information about use of the Internet (Web) for various Ministry Finance applications. Click Here for some more info on this general topic.
This is often done via an identified "Cash Receipt Assignment System" --- or money is immediately placed in the applicable accounting system location (BuxBox, for example.) See content found Here, Here, Here and Here content for more detailed information of what we mean by this and then think through the potential complementary use of this "Online Bill Management System" as used by either a Ministry MFTeam or by the applicable BLVRs.
Place Go Here Here and Here for applications/uses of Internet tools.
Or my Ax to Grind today is to challenge you to prudently make use of such "Online Bill Management System" resources. Please contact me at Jim@bcidot.org if you have any comments or questions.
K E E P L O O K I N G U P !!
CLICK HERE for a list of our "For What it is Worth" Online editorials.
Originated in December 2003 ----- UPTD: June 08, 2012
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