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Ange Desprez

Save Time. Cut Costs. Earn Money.

The world has changed a lot over the last 20 years. In 1998 cellphones were the size of bricks and analysts were making (considered at the time to be crazy) predictions that the internet would one day be accessible from a mobile device. Fast forward to the year 2019 and not only is the internet accessible from a mobile device, nowadays we spend our lives constantly connected to the internet and to each other. We go to sleep scrolling through news feeds and checking email, only to wake up and start the cycle over again. Easy access to the information combined with the speed of communication and data transfer have made the internet an integral part of our personal and professional lives. One of the fastest growing arenas of this new era is Finance. Technological advancements and new software solutions have vastly improved the efficiency of any Accounts Payable department.

According to a recent study only 42% of organizations are using paper checks for payments. That's down by almost 50% from 2004. With the incredible accounts payable software solutions available today and the positive impact these solutions can have on any ap department, experts predict that the number of companies migrating away from paper checks will increase exponentially over the next few years. 

Payments and the way they are made have always had a big impact on the business environment. Starting with a reduction in the labor hours it takes to issue payments, to the amount saved on supplies and materials, to an increased certainty of cash flow; payments processed electronically offer a substantial impact to your bottom line. Eliminating the manual nature of outdated payment processing methods, which put a strain on the efficiency of an organization, creates a significant improvement to the bottom line.

By moving your business away from paper check printing to electronic payments, you will experience many benefits including: freed employee time and much lower costs per transaction. There's even an opportunity for monthly cash rebates through Virtual Cards — creating a new revenue stream for your company. 

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Why Continued Paper Check Use is Hurting Your Business

Written by Ange Desprez | Fri, Jul 01, 2016 @ 05:04 PM |

Over the last five years, there has been a decline in the use of paper checks for business to business payments. Many forward-thinking businesses have grasped the financial and eco-friendly benefits of reducing paper check processing. Businesses that have converted to electronic payments have found that their efficiency has increased with the reduced use of paper. 

"With the number of businesses equipped to handle faster, more secure, and less fraud-prone payment methods, the continued use of checks in business to business payments is both astounding and disappointing," Wex Inc., a payment solutions company adds. "Electronic payments are 10 times cheaper than checks. Writing checks to suppliers is not only time consuming and inaccurate, it’s wasteful in terms of cost, as the average cost of writing a business check ranges from $4 to $20."

This is no surprise. The transition from paper-based to digital payment processes allows for a faster, more secure, and easier to use payment platform. It simply takes less time to find and process information.

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Excerpt from the 'Four Fundamentals to Accounts Payable Process Metamorphosis' eBook by CloudX and OnPay Solutions.

Accounts Payable is one of the most paper-burdened areas of the corporate landscape. Today, more companies are looking for ways to do more with less and get rid of wasteful processes. OnPay Solutions has teamed up with Chris Cosgrove, senior vice president and head of marketing at CloudX to share insight into the possibilities of a 'transformed' Accounts Payable process.

Time, invested wisely, is your organization’s most valuable asset when harnessed properly.

"Our knowledge of transactional document process management combined with OnPay Solutions' insights into payment automation create a broad and deep functionality necessary to make the end-to-end AP invoice and payment cycle as robust as possible," states Cosgrove. "We’ve distilled some of our key thoughts into an eBook we believe you will find a valuable asset in your journey towards payables optimization."

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How Can Payments Affect Employee Relations?

Written by Ange Desprez | Thu, Apr 28, 2016 @ 11:07 AM |

Part Two in the Blog Series:  How Payments Impact Your Business

Keeping employee morale high is one of the best things you can do to instill loyalty and maintain a productive workplace.  

Have you ever stopped to think about how payments can impact employee relations in the Accounts Payable department of an organization? Payments can significantly impact employee relations!  

Streamlining your payments to electronic payments changes the traditional payment process allowing employees to spend less time on the physical act of printing, folding and mailing -- all administrative tasks -- and more time on their actual financial roles in the company.  The result may allow them to feel more productive and empowered.  

An experienced Accounts Payable Manager plays the role of a supervisor, which makes you responsible for quickly and adequately processing payments for all invoices that are received, as well as ensuring each member of the team accurately performs their duties. In the best scenario, your team is cooperatively working within the system or standard operating procedures that they feel maximizes their impact while minimizing redundancy and room for error.

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How Can Payments Enhance Supplier Relations?

Written by Ange Desprez | Thu, Apr 21, 2016 @ 11:01 AM |

Part One in a Blog Series:  How Payments Impact Your Business

From an improved level of productivity to lower costs, there are many positive outcomes of maintaining good supplier relationships. These professional relationships can positively or negatively affect the quality of your company's product, which play roles in your customer satisfaction. Therefore, giving you a leg-up against competition. With a plethora of opportunities that can impact the bottom line and with service levels at stake, it is crucial to nurture these professional relationships.

It may come as a surprise that the efficiency of your accounts payable processes can play a part in strengthening supplier relationships. Better payment terms and higher quality payables services can help. Streamlining the processing of electronic invoices for approval and then payments, will reduce the number of phone calls into Accounts Payable regarding payment status.

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Getting ready to take advantage of Same Day ACH payments? Here’s what you need to know:

The future of Same Day Automated Clearing House (ACH)  payments is almost here. Starting September 23, 2016, NACHA will be providing an omnipresent same-day clearing and settlement capacity for practically all ACH transactions to reduce bank fees. This will be a phased implementation that financial institutions will take to renovate the payment. “This instantaneous action enables us to introduce new capabilities more quickly, and then continue to build over time, creating value for all participants at each step along the way,” said Janet O. Estep, president and Chief Executive Officer of NACHA.

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Running a successful business as a CFO or Accounts Payable manager is a constant venture be vigilant about protecting your corporate assets. When dealing with payments like automated Clearing House (ACH) payment or Wire Transfers, corporate accounts must be protected with minimum risk. Unfortunately, ACH and Wire fraud are more prevalent in our cyber-connected nation. 

ACH and Wire payments have been a mainstay for bank and business transactions for several years, allowing the capability to electronically transfer funds between banks by using just the account and routing numbers. As time goes on and technology becomes more advanced, new fraudulent practices are found to bypass security clearances and steal time-sensitive information from businesses. Know what to look for to avoid becoming a victim of ACH or Wire fraud and learn how to spot scams. 

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