The payment industry is moving increasingly towards paperless vendor payments, and it is essential to understand how automating accounts payable (AP) functions can benefit your business.
Why should I care about AP automation?
Implementing AP automation functionality can provide multiple benefits for your business and the vendors you work with by reducing the manual effort typically involved with outbound payments.
1. Reduce Costs and Paper Processes
Automating paper-intensive AP processes can eliminate the need for paper checks. Loading, printing, and disbursing checks requires a lot of time from your staff and can add up to a significant expense, especially when the costs for labor and tracking lost or stolen checks are considered.
2. Improve Cash Flow
Use digital methods such as virtual cards to pay your vendors and earn rebates based on your business spend. You can effectively turn your accounts payable department into a revenue generator.
3. Easier Administration
With less paperwork comes less manual effort from your staff. Additionally, virtual cards are easier and faster to process than paper checks, thanks to automated processing and reconciliation. It only takes a few clicks to send a payment.
4. Mitigate Risk
AP automation allows you to process all of your vendor payments via a safe and secure payment platform, reducing the possibility of lost or stolen checks getting into the hands of unauthorized users.
5. Streamline Payments
Integrate AP automation technology into your existing financial or ERP system to simplify the payment and reconciliation processes. This integration releases your business from the manual work associated with vendor payments and frees your employees to perform higher-value activities.
Getting Started is Easy
Taking the time to evaluate if automating AP is right for your organization can be daunting, but it doesn’t have to be. Realize immediate cost and time savings with a program customized for you that can be up and running in just a few days.