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 Eliminating the manual nature of outdated payment processing methods, which put a strain on the efficiency of an organization, creates a significant improvement to the bottom line.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