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Top 10 Accounts Payable Topics of 2020

It's official, 2020 has come to an end. To celebrate, and help you get a head start on 2021, we've compiled a list of the top 10 accounts payable topics and resources of the year. 

These articles cover everything from cloud-based AP automation solutions vs. on-premise software, how to know if your accounts payable processes are really automated, AP strategies for success, 7 ways to prevent email and invoice fraud, why so many finance departments are still paying their vendors with paper checks, the impact of COVID-19 on supplier payments, 7 challenges AP managers face going into 2021, the dangers of ACH and wire fraud (and how to protect your organization), 2020's best conferences for finance professionals, and 6 great reasons why your business would benefit  from incorporating virtual cards payments into your supplier payment strategy.

 Best AP Payment Blogs of 2020

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How is Cloud-Based AP Technology Different than On-Premise Software?

It's not uncommon for organizations to fear moving to a cloud solution, just as there is a trepidation at moving to any newly emerging technology. Yet, moving departments like Accounts Payable to a cloud solution is an increasingly popular choice, not just for conglomerates, who may have their own cloud systems, but also for smaller mid-sized organizations that want to avoid a large upfront investment, yet reap the flexibility of a cloud-based model.

In this article, we have laid out the strategic advantages of moving from an on-premise software to the cloud based platform.

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Are Your Accounts Payable Processes Really Automated?

We ask finance professionals that question all of the time, and their answers usually vary. Most of the time, the honest answer is "sort of." True AP automation removes manual processes and tedious tasks altogether - not halfway.

This blog post defines AP automation and what it could mean for your business's bottom line.

Accounts Payable Automation takes your usual manual paper-based processes and converts them into a digital format for a more streamlined invoice approval and payment process. To paint a clearer picture of what it looks like in real life, imagine that emailed invoice you're using to enter data into your ERP manually, or that check that you just signed, digitized by a cloud-based AP solution.

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Accounts Payable Automation Strategies for Success

As a financial leader in your organization, you may wonder about the exact steps you can take to improve accounts payable operations and even generate revenue. In this article, we’ll outline how to get the best return on your investment should you select a new software for accounts payable.

You already know that it’s essential to ensure that your suppliers are paid on time, without errors or worries. Additionally, you may want to find a solution that cuts costs drastically while streamlining invoice and payment processes, enabling you to take advantage of new opportunities to grow and expand your business.

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7 Ways to Prevent Invoice and Email Fraud: A Comprehensive Guide

In July 2018, the FBI reported that Business Email Compromise (BEC) and invoice fraud had resulted in over 12.5 billion (USD) lost globally since 2013, with 80% of businesses reporting attacks in the last 12 months. In 2019, fraud grew by 3%, and it’s expected to reach $26 billion in 2020.

If businesses and corporate finance professionals do not find a way to mitigate the risk of email and invoice fraud quickly, we could see twelve-figure losses in the not too distant future. That’s why we’ve created a comprehensive guide to help you reduce the risk of invoice and email fraud in 2020 and beyond. First, we’ll take a look at the primary reasons why invoice and email fraud are on the rise, and then we’ll outline seven ways to avoid it. Like all things, protection starts by understanding the root cause. 

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Paper Checks: Why Are Companies Still Using Them?

In today’s world, finding time to make payments or transfer funds may be challenging. With management of people and processes, monitoring transactions, bank records reconciliation, creating and managing reports, calculating and monitoring benchmarks, and coordinating compliance, a Controller and his AP department are stretched thin to make everything happen. Time is further reduced when there are multiple operating entities or subsidiary companies within an organization.

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3 Big Changes in B2B Payments After COVID-19

The world has changed. The future is still bright.

Not long ago, we were frantically searching for the final items on our Christmas lists. Earlier this year, grocery shelves full of household necessities like toilet paper and hand soap were barren. The coronavirus, also known as COVID-19, interrupted business operations at a rate unmatched since the last World War.

While we all hunker down in our homes (for a second time) and try to maintain social distancing, the world around us is still reeling from the effects of the quarantine. Operational inefficiencies that were once dubbed "long-term projects" have become glaring liabilities, leaving even the largest of companies looking for ways to implement temporary "duct tape" solutions - without sacrificing control and security.

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7 Challenges Accounts Payable Managers Face

Accounts payable managers will face new challenges due to technological advances, multiple payment channels, and pressure to reduce costs. Cloud technology and software automation, for example, have opened many doors for accounts payable managers to streamline processes, but there are still uncertainties on when and how to make AP changes to realize the benefits of these new opportunities.

This adds a level of complexity to the accounts payable manager's job while at the same time providing hope of greater flexibility and insight into the data generated from AP. To help, we will address some of the most significant challenges accounts payable managers will face in 2020 and how best to prepare.

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The Dangers of ACH and Wire Fraud and How It May Affect You

Running a successful business as a CFO or accounts payable manager is a constant venture to 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. You only need the account and routing numbers. As time goes on and technology becomes more advanced, new fraudulent practices are discovered and used 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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2020 Top 19 Conferences for Corporate Financial Professionals

Check out our latest blog: 5 Conference Alternatives for Remote AP & Finance Professionals

2020 is almost over and 2021 is right around the corner. If this past decade was any indication, we can expect a lot of changes for payments next year and beyond. As a busy finance professional, it's vital to stay up to date on industry trends and technological advancements in the way businesses handle payments. At the rate the industry is evolving, getting left behind could set your company back years. To help ensure you're covered, we have compiled the ultimate guide for busy corporate financial professionals in 2020 and beyond. 

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6 Great Reasons for Accounts Payable Virtual Card Payments

In today's digital world, no one really uses checks regularly for their personal transactions. Ask anyone outside of the finance industry the last time they saw a paper check, and they'll more than likely tell you it was while binge-watching a 70s sitcom. The steps required to process check files are also very dated.  In business, your advanced ERP may output the file seamlessly; there's just no getting around the folding, stuffing, and mailing unless you outsource that to a department with machinery to handle that for you. 

What if you could eliminate these seemingly old-fashioned steps by sending payments instantaneously and electronically — regardless of your ERP or Accounting System?

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