Most modern Accounts Payable departments have explored automation projects to streamline and otherwise expedite invoice processing with the simple goal of getting bills paid on time without exhausting staff in the tedium of manual effort.
At REQUORDIT we have taken an active role in partnering with organizations to maximize their human potential as it relates to AP automation for over two decades.
Most modern Accounts Payable departments have explored automation projects to streamline and otherwise expedite invoice processing with the simple goal of getting bills paid on time without exhausting staff in the tedium of manual effort.
At REQUORDIT we have taken an active role in partnering with organizations to maximize their human potential as it relates to AP automation for over two decades.
In that time most projects have involved the automated capture and indexing of invoices as well as integrated workflow routing and exception handling. Traditionally the automation journey ended after invoices were approved for payment and sent to the ERP where a host of asynchronous, manual activities were required to complete the cycle.
With the advent of automated payment platforms such as CloudPAYIt we can finally close the loop and automatically index, validate, and pay invoices in a first-of-its-kind integrated solution, but even if aspects of your process remain manual there is so much to be gained by automating on the payments side.
1. Faster Payments
When invoices don’t get paid on time there are real financial consequences. As invoices are approved for payment they are automatically paid by the due date. Reduce late penalties and even secure early pay discounts!
2. Checks are expensive
Still paying in paper checks? The average cost of printing and issuing a check is $6. Platforms like CloudPAYIt can still pay vendors paper checks if desired, but also convert them to more modern forms of payment as a service.
3. Fraud Prevention
Don’t take on extra liability. When you release an invoice for payment, the payment platform can take on the liability. With CloudPAYIt this level of service is out of the box.
4. Errors and Duplicates
Issues in paying a vendor could cost you countless minutes or even hours to investigate and take action. With an automated payment platform like CloudPAYIt this issue resolution is provided as a service. Duplicates and other errors can be identified before payment with a workflow engine like OnBase.
5. Visibility and Control
Instead of logging into a multitude of interfaces to gather a holistic view of your disparate finances, see all payments in a single platform where you can see everything as well as expedite or cancel specific payments.
6. Supplier Enablement Services
Automating payments does not remove people completely from the equation, but it does provide a team of professionals to engage in continuous campaigns to convert suppliers to your preferred payment method and follow up on inquiries without bogging down you and your team.
These six reasons for automating payments just scratch the surface and even more is possible when utilizing a robust workflow engine in conjunction with a payments platform. For more information contact sales@requordit.com today!
Subscribe to our newsletter
Find out the hottest trends right into your email