The economic uncertainty of 2021 has offered the opportunity for many companies to focus on process improvement and organizational efficiencies. An overhaul of Accounts Payable (AP) and invoice processing can seem daunting, but it is worth researching given new technology that can provide measurable cost and time savings.
AP carries a large price tag in terms of the actual cost to an organization, and the time spent by the accounts payable team. There exists a disjointedness in manual processing due to the labor-intensive nature of the work and the slowness of invoice cycling times.
Automation, by definition, refers to the use of technology to reduce the need for human intervention within a given process. So, we can define AP automation as establishing a fully digitized and automatic accounts payable process by eliminating manual vendor payments.
The greatest benefit can be simply summarized as providing an organization with greater control over its finances.
Let’s take a look at how:
1. Reduction of Errors
REPAY’s proprietary technology integrates directly into your organization’s existing ERP system, allowing for realtime financial reconciliation before converting all vendor payments into a single payment file. This file enables the REPAY portal to make vendor payments on behalf of your organization using a one-time-use virtual card, ACH, enhanced ACH, or check. The integrated technology promotes a more seamless and automated experience, reducing the likelihood of errors and adding transparency to the entire payables process.
2. Reduction of AP Spend & Inclusion of Rebate
Utilizing the REPAY payment platform ensures that all payments are made to maximize savings in the form of discounted payment terms with vendors. These savings are in addition to the new revenue stream your company receives from virtual card spend rebates.
3. Reduction of Low-Value Tasks for High-Value Employees
Studies have recently shown that accounts payable teams are putting in more hours than ever to keep up in today’s new climate. Through the utilization of AP automation, an organization can refocus objectives for its AP team. Our solutions maximize speed and ensure accuracy by reducing human error and time spent on repetitive tasks.
According to PYMNTS.com, 51% of companies are planning to digitize their payments within the next few months. Is your business one of them?
Learn more about the efficiencies your organization can realize from AP automation.