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.

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Being great at what you do means being as efficient as possible. Accounts payable and accounts receivable departments can be full of inefficient processes that can hold a company back. In this article, we will help identify the six wasteful areas and activities that can kill your business efficiency.

According to a study published by the experts at Triaster, "The 7 Wastes Killing Efficiency: How to Identify your Wasteful Processes", in order to be efficient, you have to understand the differences between activities and deliverables.

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ACH transactions to top checks as the top form of B2B payment by 2020. Is your business ready for this payment transformation?

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According to an ACFV Report, companies lose an estimated 5% of their revenues annually due to fraud.

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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?

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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

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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.

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