Businesses are continuously seeking new ways to increase the efficiency of their teams and grow revenue. Accounts payable (AP) teams are often overlooked in this search, but why?
Cost concerns, fear of change, headcount and technology restrictions are all distractions. Understanding what is available to assist AP teams is the first step toward optimizing how vendors are paid.
Consider the following questions:
- How many checks does your company cut each month?
- How many hours are spent making and managing vendor payments?
- What is your current AP headcount?
- How often are you experiencing delayed payments and being assessed fees?
- How many locations are you managing payments for?
- What security measures do you have in place to protect your outgoing payments?
The answers to these questions can help determine your need for vendor payment automation.
AP is Complex Enough
Hundreds of checks, dual-approval and multiple locations can all add to the chaos that AP clerks often face, leading to late payments, manual errors and unhappy vendors.
Inefficient AP operations can take 18 days to complete the entire payment process. Vendors can’t wait that long to be paid, and businesses can’t delay cash flow.
Additionally, AP is increasingly becoming a prime target of payment scams, causing significant monetary and reputational damages.
Automate for Savings
What could AP teams do when they no longer have to worry about payments or protecting them? Automating vendor payments can save clerks, on average, 38 hours per week. This is because automation eliminates manual tasks, freeing their time to focus on revenue-driving initiatives.
Vendor payment automation benefits businesses of any size, no matter how payments are made.
- Eliminate paper checks
- Maximize payment protection
- Increase on-time payments
- Reduce time costs spent by clerks
- Enhance vendor relationships
- Simplify and digitize outbound payment processes
- Streamline reconciliation across all accounts
Take Our Word for It
As a testament to its vendor payment capabilities, REPAY’s AP team uses its own solution to automate outbound payments.
We recently sat down with Heather Taylor, REPAY’s Accounts Payable Manager, to discuss her experiences in AP and how vendor payment automation has improved her day-to-day.
“With REPAY, I only process vendor payments once a week. From invoice pull to CFO approval, it takes less than 60 minutes,” stated Heather Taylor.
Since her first day, she hasn’t had to cut a single check and uses the secure online portal to manage and track every payment.
“It is a true handoff. REPAY handles the payments, vendor management, and, most importantly, security. There is no pressure on me to maintain compliance and payment protection,” Heather said.
Read more from our sit-down!
Redirect Your Payments to REPAY
As experts in your vertical and accounting, we understand how to simplify AP processes. Integrate our vendor payment capabilities to increase efficiencies and potentially earn new funds for your bottom line.