It's Accounts Payable Appreciation Week and we thought we should share some of the ways that this unsung hero of every business can really impact the company and it's overall performance. 

Of course, we should clarify that we are talking about an Accounts Payable Department that is automated and issuing electronic payments.  Electronic Accounts Payable can provide advantages such as time-savings, controlled expenses, added flexibility and greater visibility to cash-flow.  But there are greater advantages that this department can make on your business that you may not have considered:  

By converting to ePayments or digital payments, an organization can expect an immediate return on investment (ROI)

If you are using your bank’s treasury services for payment processing, you are reaping the benefits of having outsourced the process.  At the same time, you are tied to that one bank...meaning you are required to hold the cash to fulfill payments in their accounts, therefore, your bank portfolio may not be as diverse. You may not be aware that there is a better way to issue payments. 

Using a payment platform that is bank-neutral – meaning it can work with any bank – is a better option. 

You're a CFO, Controller, Treasury Manager or another leader in a corporate finance and/or accounting department, and despite the fact that it's a long holiday weekend, you likely don't stop thinking about what you can do better, right?  You want to perform better and help your company achieve more, right? You strive for success and you contribute to that in your company as well, we bet. 

We know a lot of people like you and we help them...leaders who have goals in mind and aim to achieve them.   All want to reduce cost and improve profitability.  Most want to improve processes and streamline tasks and a few come ready for "digital transformation."  

Every one is different yet the same.  DRIVEN, COMPELLED to be the best they can be. 

If this sound like you, you may enjoy our short and sweet podcast series.  Each podcast is under 5 minutes long.  

In today's digital world, no one really uses checks regularly for their personal transactions.  And now, receiving a paper check seems like something out of the 70's. And the steps to process the check file 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.  

Accounts Payable Automation streamlines the Accounts Payable Department resulting in reduced manual processes and improved operational efficiency while reducing the overall cost associated with the department.  There are two processes and two transformations that can occur.  One is much easier than the other to implement.  

It’s 2018, most of us don’t write checks anymore and if we do, it’s a rare occasion.

Overcoming the monumental barrier of collecting supplier bank instructions is typically close to the top of the list of reasons why companies rationalize continuing to issue check payments. 

Who can blame the CFO or CIO for their lack of enthusiasm toward a project that is seems like it could take months or years to manage when their staffs are already stretched thin managing other operational requirements?  Relatively speaking, it seems that their decision to stick with checks just seems smarter.