REQUORDIT’s integrated end-to-end Accounts Payable solution features full invoice automation from capture and indexing all the way through payment saving your team valuable time to do other, more valuable tasks.
If you have engaged with us in the past you have probably already seen the benefits of our automated indexing with CloudOCR and our robust AP Workflow powered by Hyland’s OnBase. Now that we have finally added automated payments with CloudPAYIt to our AP portfolio we are proud to share a few of the benefits you may not see with other automated payment tools.
REQUORDIT’s integrated end-to-end Accounts Payable solution features full invoice automation from capture and indexing all the way through payment saving your team valuable time to do other, more valuable tasks.
If you have engaged with us in the past you have probably already seen the benefits of our automated indexing with CloudOCR and our robust AP Workflow powered by Hyland’s OnBase. Now that we have finally added automated payments with CloudPAYIt to our AP portfolio we are proud to share a few of the benefits you may not see with other automated payment tools.
1. Vendor Onboarding Services
Before invoices start arriving there is much work to manage the onboarding of vendors and suppliers including understanding their payment preferences (Check, ACH, Wire, etc.) and then managing any changes to those preferences as they occur.
Not only is this level of vendor services an out-of-the-box feature of CloudPAYIt, but it also includes continuous campaigns to convert vendors to Virtual Card therefore increasing your potential revenue share and allowing the solution to pay for itself over time. The services arm of CloudPAYIt regularly overperforms competitors in terms of conversion rate and helps to maintain positive supplier relations.
Before you keep scrolling, don’t forget to register to this month’s webinar and get to know the power of REQUORDIT’s Invoice Automation Suite including capture and indexing as a service with CloudOCR, validation and routing with OnBase’s powerful AP workflow engine, and truly integrated payments as a service from a single platform and full reconciliation with CloudPAYIt.
Before you keep scrolling, don’t forget to register to this month’s webinar and get to know the power of REQUORDIT’s Invoice Automation Suite including capture and indexing as a service with CloudOCR, validation and routing with OnBase’s powerful AP workflow engine, and truly integrated payments as a service from a single platform and full reconciliation with CloudPAYIt.
2. Payment File Generation
Most payment solutions require exporting a payment file and then importing that file into a payment platform, and this is typically a completely manual process that takes precious time to accomplish. Managing the creation and distribution of these payment files can add up to a significant part of a full-time effort.
With Requordit’s solution these payment files are automatically generated after approvals in our AP Workflow and seamlessly transitioned to CloudPAYIt where all payments are made without any need to export and reimport a file as the end user.
3. Automatic Reconciliation
After payments have been made, even if using a payment solution, it can be quite an effort to manage the reconciliation of paid invoices back into the ERP. It could require significant time to search for proofs of payment, locate the records in the ERP, then mark the invoice as paid.
With Requordit’s solution CloudPAYIt informs the AP Workflow when an invoice has been paid and can transition the Invoice from ‘Awaiting Payment’ to ‘Paid’, simultaneously marking the invoice as paid in your ERP or any other system of record.
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