Solving Accounts Payable Problems

Written by Eric Jefferies | Thu, Oct 18, 2018 @ 04:11 PM |

If you're in Accounts Payable, you probably realize that things aren't quite as automated and streamlined as they are in some other departments in your organization.  This is true for even the most progressive companies.  It's for good reason, too.  Controllers want to maintain control of cash going out the door.  Cash is KING in any organization!

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It's Accounts Payable Appreciation Week and we thought we should share some of the ways that this unsung hero of every business can really impact the company and it's overall performance. 

Of course, we should clarify that we are talking about an Accounts Payable Department that is automated and issuing electronic payments.  Electronic Accounts Payable can provide advantages such as time-savings, controlled expenses, added flexibility and greater visibility to cash-flow.  But there are greater advantages that this department can make on your business that you may not have considered:  

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By converting to ePayments or digital payments, an organization can expect an immediate return on investment (ROI)

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You're a CFO, Controller, Treasury Manager or another leader in a corporate finance and/or accounting department, and despite the fact that it's a long holiday weekend, you likely don't stop thinking about what you can do better, right?  You want to perform better and help your company achieve more, right? You strive for success and you contribute to that in your company as well, we bet. 

We know a lot of people like you and we help them...leaders who have goals in mind and aim to achieve them.   All want to reduce cost and improve profitability.  Most want to improve processes and streamline tasks and a few come ready for "digital transformation."  

Every one is different yet the same.  DRIVEN, COMPELLED to be the best they can be. 

If this sound like you, you may enjoy our short and sweet podcast series.  Each podcast is under 5 minutes long.  

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Which Should You Use? Purchasing Cards or Virtual Cards?

Written by Kaci Lee | Wed, May 09, 2018 @ 10:46 AM |

Purchasing cards are prevalent in the B2B payment world because they are convenient and they offer cash-back rebates.  They are used by many companies despite there being another, better and more secure option. Because purchasing cards have become somewhat the standard for credit payments, the risks and adverse affects of have been disregarded.

But they shouldn't be.

Virtual cards have been available for use for some time, and the security and rebates they offer far outweigh the perks of using a purchasing card for issuing Accounts Payable payments

According to the NAPCP, here is the positive aspect of using a purchasing card for PAYERS: 

  1. handling and mailing cost reduction 

But, MOST of the PROS for P-Cards are on the PAYEE side of the transaction:

  • electronically deposited funds
  • faster receipt of payments and improved cash flow
  • increased sales, as many organizations solicit only suppliers that accept P-Cards as payment 

As you can see, most of these positives, are for the PAYEE and not the PAYER.  In addition, there is the impression that using a purchasing card is as SAFE for PAYERS as the alternative, virtual cards.

 

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Are you a CFO, Controller, CIO or Accounts Payable Manager?

 

Are you interested in making plans for attending educational or other conferences later this year?  

Here you will find a list of conferences from around the nation that offer opportunities to explore, discover, and widen the scope of your financial knowledge. With conferences held at intervals over the next few months, there is plenty of opportunity to find an event to attend that sparks your interest, is close in proximity, or better yet - both.

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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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The Best of 2016: Top 12 Payments Blog Posts of the Year...

We've rounded up some of the top payment-related blog articles from 2016 for your reading pleasure — from must-attend conferences for financial pros to accounts payable problems to paper checks, ACH and payment fraud, we've got you covered. PS. If you want to remain up-to-date on what is current within your industry, make sure to click here

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