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 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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AP Best Practices Series -- Vendor Management

Written by Julie Negrete-Anderson | Fri, Sep 20, 2013 @ 01:57 PM |

We recently had a discussion with a very large company about Vendor Management that reminded us of just how daunting it can be to maintain the company vendor database. 

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Reduce cost in Accounts Payable in 2013

Written by Julie Negrete-Anderson | Mon, Mar 11, 2013 @ 09:33 AM |

"What is the biggest way to impact the cost of AP in 2013?" 

We have seen this question and similar questions posed on LinkedIn within several different groups ranging from Finance and Accounting groups to AP Managers / AP Professionals groups. We also find free webinars and good old-fashioned conferences being held to discuss these questions.  We are certain that these questions are driven by the desire to provide solutions to businesses that are seeking to recover the additional expenses now imposed on companies by the changing business climate and other outside influences. 

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We understand that companies are under pressure to reduce costs to improve the bottom line.  This is perhaps the most desirable attribute of adding a Virtual Card to the Electronic Payments Program (EAP) of an Accounts Payable Process.  Not only do Virtual Card E-Payments allow companies to reduce expense, they can also turn the Accounts Payable Department into a revenue generating department. 

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