As technology continues to develop and change how business is done, the efficiency of Accounts Payable (AP) operations is critical to overall success. Yet, many finance departments still rely on manual, paper-based processes to manage vendor payments, which can lead to many challenges. The drawbacks of traditional AP practices are clear, from inefficiencies and duplicated payments to increased fraud risk and strained supplier relationships.
Fortunately, there’s a better way forward: payment automation. By harnessing the power of digital workflows, organizations can revolutionize their AP processes and unlock many benefits. So, what exactly is payment automation, and how does it work?
Payment automation is a digital solution streamlining AP operations by automating the entire payment process, from invoice capture to fund disbursement. With a simple, automated workflow, businesses can make vendor payments via various electronic methods, including virtual cards, ACH, and checks.
The process is straightforward:
Upload your payment file: When it’s time to pay vendors, upload it.
Fund your payments: Review your batch and fund all payments with the touch of a button.
Once these steps are complete, best-in-class payment automation providers take care of the rest, handling remittance, reconciliation, and cash reward dispersal. But why should AP teams embrace payment automation?
The Benefits are Undeniable.
Automated remittance and reconciliation save much time, with 80% less processing time and five times more payments processed in the same timeframe.
Efficiency Gains
Automated remittance and reconciliation save much time, with 80% less processing time and five times more payments processed in the same timeframe.
Speedy Implementation
Seamless integration takes less than 10 hours, eliminating 90% of manual steps in payment processing.
Enhanced Security
Encrypted data, multi-factor authentication, and dedicated security teams protect against fraud attacks, ensuring peace of mind for finance teams.
Comprehensive Support
Access to a team of payment specialists ensures prompt resolution of inquiries, reducing the burden on AP staff.
Cost Savings
Reduced processing costs by 80%-90%, along with cash-back rebates on virtual card payments, translate to significant P/L improvements.
Stronger Supplier Relationships
Timely payments and early payment discounts strengthen vendor relationships and avoid disruptions in goods or services.
Moreover, payment automation offers many features and benefits, including single sign-on, multi-factor authentication, expanded reporting capabilities, vendor management enhancements, and cloud-based accessibility. Additionally, complimentary Positive Pay deters check fraud and safeguards against fraudulent attacks.
In essence, BHC Group can help clients make strategic decisions to enhance business efficiency, security, and scalability. With our expertise, we can help clients seamlessly implement payment automation solutions, streamlining AP workflows, mitigating fraud risks, and laying the foundation for long-term success.
Take advantage of our upcoming webinar with Paymerang “AP Automation in Dynamics GP: Debunking Common Myths” to learn how BHC Group can guide you through this transformative process.
Register for the webinar now!
https://us02web.zoom.us/webinar/register/WN_PXhr0HeXTMaOiuUS8oIJXg#/registration
