Author: Steve Pietrzak
In today’s fast paced world of commerce speed is everything. We look for, and expect, quick turnaround. The B2B world is no different as it looks to speed up the payments process. Buyers want their supplies/materials the next day and vendors want to be paid ASAP.
Current mechanisms and processes to facilitate immediate/next day payments include ACH and Wires. The challenge, however, lies in getting invoices ready to pay to take advantage of these cash favorable payment mechanisms. By implementing intelligent accounts payable automation, organizations can more efficiently process and manage expenditures. They can optimize discounts and cash.
Define your business processes. Digitize the data from your invoices. This can add efficiency, control, data analysis, and management to your payments. Gain more financial control and mitigate risk by converting your payments to electronic from manual checks. And if you must print checks, outsource them to a proven provider. Together this will allow for improved business management and growth.
Automation will also generate dramatic cost savings. In many cases, automating accounts payable and payments has saved up to 85% of internal costs associated with manual processing. A/P automation also allows organizations to redeploy personnel to more exception based, analytical roles as opposed to purely administrative. The result is better management and proactive monitoring of the payables/payments process.
As margins get squeezed, talented resources get scarce. As regulatory environments tighten, businesses are pressed to better control their processes, data and costs. Digitizing and automating one of the largest cash-use areas and is a clear win for better management and company growth.