5 Myths Holding Companies Back from A/P Automation

Written by Chelsea Freitas | Thu, Mar 29, 2018 @ 04:49 PM |

Everyone has fears, whether in your personal life, at school, or at work. Sometimes people allow fear to control decisions and actions. Accounts Payable automation seems to have common myths or preconceived notions that we'd like to dispel.  

Below are 5 myths which may be holding your company back from automating Accounts Payable. 

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Top 5 Reasons to Automate

Written by Chelsea Freitas | Thu, Mar 22, 2018 @ 01:33 PM |

 

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Best practices remain the cornerstone of any strong and efficient organization. This is especially true of the accounts payable function, what worked yesterday may not work today or tomorrow.

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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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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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