Automated Clearing House (ACH) transactions have seen a significant increase in B2B Payments from past quarters. It comes as no surprise as ACH offers value added benefits over paper checks. If A/P and A/R departments can send and receive payments faster, lower costs and increase cash flow, why not make the switch from paper to electronic payments?
The ability to automate costly and time-consuming workflows has changed the way businesses operate and manage their resources, and some savvy businesses have already jumped on this trend and implemented automated-software solutions to improve their accounts payable department.
Many AP managers, however, are failing to take advantage of the opportunities Accounts Payable automation provides to remove many of the points of friction in the buyer and the supplier interaction. But the benefits of AP automation are paramount, and implementing the solution can have an enormous impact on reducing AP costs.
Below we put together a list (or cheat sheet) that highlights five ways accounts payable managers can save time and money with AP automation.
With the proliferation of automation in Manufacturing, Human Resources and Sales & Marketing, do you think your peers within your company would be surprised to learn that your Accounts Payable department still writes paper checks to suppliers and vendors? Would your family and friends think that working where you do that accounts payable systems must certainly be automated?
When talking to newly onboarded clients, they often admit the barriers that held them back from transitioning to accounts payable automation in the past.
Do any of these barriers sound familiar?
Barrier #1- Not enough time
All of us here at OnPay Solutions would like to wish our Blog readers who are football fans the best of luck for your favorite Super Bowl LI (51) team.
Who's it going to be? New England or Atlanta? Let us know your pick!
To win this game you know that the team's have to be able to score.
When it comes to making Accounts Payable payments, broker payments or any kind of scheduled payments, we'd like to help you be a winner and become a Accounts Payable Perfect Payer, which can be looked at much like a Perfect (football) Player. Just like the Perfect Player, you have to know how to play effectively and how to win.
According to an Association for Financial Professionals (AFP) study funded by JP Morgan Chase, more than 70% of organizations surveyed are struggling to convert to accounts payable automation and electronic payments.
Despite liking the idea of financial technology innovation, these companies cite employee, customer / supplier hesitance and IT barriers as fears the hold them back from the transition...just to name a few.
Read on for the fears, the myths...and the facts of AP payment automation.