Welcome back to the roaring 20's. There are lot of changes on the horizon for finance professionals. To help you prepare for all things payments related this year (and beyond), we have diligently collected the top 10 payment blog posts from 2019. In the articles listed below we cover everything from A/P problems, time management, cost cutting, improving efficiencies, protection against email and invoice fraud, virtual card payments, revenue generating rebates on A/P spend, purchasing cards, wire transfer, the future of the paper check for B2B payments, payments via ACH, ERP integration, how to choose the right payment automation software for your individual needs and more. The future of B2B payments is here. Your ticket to success awaits.
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 payments 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.
If you are a CFO, Controller, CIO or Accounts Payable Manager, (AP Manager) you have a lot of great low and no cost options when choosing ways to sharpen your (and your team’s) skills. There are blogs, video blogs, podcasts, and webinars that are available to provide you and your team new ideas and approaches to enhance your current processes and make them more streamlined and efficient.
Accounts Payable Automation streamlines manual processes, resulting in reduced paper and improved operational efficiency while reducing the overall cost associated with the department. When considering A/P Automation, there are two unique processes that require automation: Payment Automation and Invoice Automation.
Many businesses today are leveraging new payment technologies to issue payments within accounts payable to streamline processes, cut costs and reduce risk.
One of the newest forms of electronic payments is vCards, which can make your process inexpensive, fast, and convenient, all while providing a higher level of security for your company.
So, what is a virtual card, and what does it mean for B2B payment processing?
Traditionally, a bank lockbox has been used to increase convenience & efficiency. They have been around for decades & handle mainly paper checks. Today, the rapid shift to electronic B2B payments is creating more opportunities for companies to fill the gap left by bank lockbox services.
When looking into the future, change can be scary and exciting. It’s uncomfortable, and yet, by enduring the process, we adapt and grow just as our businesses grow. B2B payments are evolving from paper checks to electronic payment delivery. This paradigm shift from paper checks to electronic payments is creating a new timeline for payment delivery.
Purchasing cards are prevalent in the B2B payment world because they are convenient and they offer cash-back rebates on monthly spend. They are used by many companies despite there being another, better and more secure option. Because purchasing cards have become somewhat the standard for credit payments, the risks and adverse effects of have been disregarded.
But they shouldn't be.
Virtual cards have been available for use for some time, and the security and rebates they offer far outweigh the perks of using a purchasing card for issuing Accounts Payable payments.
Financial technology, or FinTech, has been opening new avenues for electronic payments in business-to-business companies for years. Many companies have moved away from financially (and environmentally) costly paper checks to inexpensive and time-efficient payment automation, saving money in the process. Heavily depended on by investors, consultants, multinationals, startups and entrepreneurs, FinTech exists to help solve these problems.
The technological revolution, dubbed The Fourth Industrial Revolution, has gained traffic in the corporate world by fundamentally changing the way many businesses interact with consumers. With the rise of digital currency and a surplus of investment options in payment automation technology, is the next Industrial Revolution really upon us?
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.
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 70's 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 it 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?
If you and your team have a larger budget allocated to training, networking and sharpening your skills, there are some events you may want to attend in person. Whether you are considering financial professional conferences as an opportunity to get a fresh perspective or simply as a means to gain energy from a room of like-minded people, we think any of the conferences listed here will provide you with great insights to lead you to success through 2019 and beyond.
Here’s a look at 2019's Top 10 Financial Professional Conferences you may want to consider attending this year.
Find Out More About Payment Automation:
- 5 Myths Holding Companies Back from A/P Automation
- Top 5 Reasons to Automate
- Why Checks Continue to Steal the B2B Payments Spotlight and How to Prepare to Move to ePayments
- 10 Payment Automation Secrets Your Banker Doesn’t Want You to Know
- Best Practices in Accounts Payable = Strong Control Over Payables
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