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How Can Payments Improve Your Bottom Line?

Written by Ange Desprez | Thu, Sep 26, 2019 @ 06:50 PM |

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 Eliminating the manual nature of outdated payment processing methods, which put a strain on the efficiency of an organization, creates a significant improvement to the bottom line.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. 

Skip to Save Time, Cut Costs, Earn Money.

 

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Controller and A/P Managers Top 12 Holiday Wishes

Written by Eric Jefferies | Tue, Dec 11, 2018 @ 04:24 PM |

There are many reasons for automating accounts payable, many more than we can describe in this list.  Nevertheless, these are the TOP 12 wishes we heard within this year from Controllers and A/P Managers who were looking to improve their departments by automating payments and accounts payable.

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The ability to automate costly and time-consuming workflows has changed the way businesses operate and manage their resources, and some savvy businesses have already jumped on this trend and implemented automated-software solutions to improve their accounts payable department.

Many AP managers, however, are failing to take advantage of the opportunities Accounts Payable automation provides to remove many of the points of friction in the buyer and the supplier interaction. But the benefits of AP automation are paramount, and implementing the solution can have an enormous impact on reducing AP costs.

Below we put together a list (or cheat sheet) that highlights five ways accounts payable managers can save time and money with AP automation.

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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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In our line of work, we talk to many within the Accounting and Finance field. We've chatted with Chief Financial and Chief Revenue Officers, Controllers, Accounts Payable Managers and more. We have heard many of the same issues, concerns and accounts payable problems mentioned time and time again.

Last week, we published a blog post that featured 6 #accountspayableproblems, with an explaination of why they are problems, real problems and how they can be solved. 

In this week's Part 2 blog post, we will address and solve 5 more accounts payable problems.

PS. If you like FREE, NEW free eBooks, that is, make sure to read to the end... 

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In our line of work, we talk to many within the Accounting and Finance field. We've chatted with Chief Financial and Chief Revenue Officers, Controllers, Accounts Payable Managers and more. We have heard many of the same issues, concerns and accounts payable problems mentioned time and time again.

We have, therefore, compiled a list of these #accountspayableproblems, along with why they are problems and how they can be solved. 

In this week's blog post, we will address six, next week in Part 2 of the series, we will address 5 more.

PS. If you like FREE, free eBooks, that is, make sure to read to the end...

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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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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. 

Yet, paper transactions still dominate all other payments in business. In fact, many companies prefer having a paper trail and feel more at ease than performing electronic transactions. “Checks continue to serve a function because no payment system is perfect for every scenario,” says David Walker, president and Chief Executive Officer of the Electronic Check Clearing House Organization (ECCHO). “Checks are different, in that any one of us who has a checking account can initiate those payments to anybody else.” Although paper checks must still relied on for some same-day transactions, like an unexpected C.O.D. package delivery, the dwindling of paper check transactions is upon us.

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