Reap the Many Rewards of Automating Your Payables
The accounts payable (AP) process can look very different depending on the size and nature of your organization. Especially if your business is experiencing growth, is in the middle of a busy season, or working to close out annual records, the thought, “there must be an easier way to do this” has probably crossed your mind.
Or, you may be preparing your budget and your business strategy for the new year and looking for ways to optimize your team and lower your operational costs. When looking for how and where you can optimize, the AP workflow process is often overlooked.
Fortunately, there’s a solution. Utilizing your existing accounting/ERP system, you can enhance and automate your AP processes with Enterprise Automated Payables℠ (EAP), an invoice to payment automation platform. Traditional AP processes are often manual, paper-based, and not organized for growing businesses. EAP automates your AP process, connecting with accounting systems you already use. With EAP, you'll get an affordable, integrated and secure end-to-end solution that streamlines your process, and greater control over your workflows and cash management capabilities.
Here are five reasons your business should consider EAP:
- Automating your payables means that your team will have more time to dedicate to critical business matters. Whether you are solely responsible for your business’s payment processes, or you are a business owner juggling several day-to-day operational tasks, the manual process of routing and entering paper invoices takes time away from other business matters.
- Enjoy increased control and increased rebates. You can expect a larger monthly rebate that, in turn, helps convert your AP department into a revenue generator. With EAP, you can save up to 60% on your AP costs. With improved efficiency and methodic systemization, you’ll also have greater control over outgoing cash flow.
- Automated payables eliminate the need for paper checks. This allows your CFO/owner to sign checks digitally. This flexibility and convenience not only benefits executives that are frequently out of the office due to business travel or client meetings, but also enables easier digital record keeping. Instead of spending time tracking down the necessary approvals, the EAP platform will help you manage approvals and notify the required individuals when their action is required.
- The platform directly integrates with your bank and allows for direct payment to vendors. Conveniently, you do not need to use intermediary payment accounts, which lowers your business’s risk of falling victim to online fraud. Because of the way transactions are made and thanks to the systems in place to update and verify accounts, the risk of online payments fraud is mitigated and your business is better protected.
- EAP is managed by an experienced team of Treasury Management professionals with an average tenure of more than 15 years. With this platform, you get a dedicated team that will work with you to set up and integrate your existing process and structure, and will continuously serve your business’s unique needs.
To discover how you could be saving with EAP, take advantage of our ROI calculator and request a product demo from our Treasury Management team.