This helps to streamline data flow, ensuring information is always updated in real-time, across all platforms. Automated approval workflows can be established to ensure invoices are always routed to the right people for review and approval, based on pre-defined rules. If you’re investing in new tech, consider implementing strategic enterprise architecture, which ties business objectives to your IT infrastructure. This provides a framework for modernizing systems, standardizing processes, and implementing security and compliance measures.

Early-Payment Discounts

This allows for faster payments, improved forecasting and stronger financial positions. For example, B2B payment platforms clearly show which stages of the cycle take the longest, locate approval bottlenecks, and who to contact when there are delays. Moreover, financial data can be imported and exported with real-time access, which gives AP teams the information normal balance they need to complete quarterly reports on time. Enhanced insights and increased visibility can open the door to integrating other strategic tools that optimize cash flow, like ERPs or human capital management platforms.

#1 award-winning finance automation solution

But by centralizing your data and using online payment platforms, you can keep a close eye on all transactions and streamline your processes. Finexio is a trailblazer in the B2B payments industry, pioneering an innovative Accounts Payable Payments Infrastructure as a Service model. Embedded within the world’s b2b payment automation leading Procure-to-Pay software suites, Finexio’s platform delivers a fully managed, AI-powered solution that optimizes, monetizes, and secures the entire payment lifecycle.

Inc. 5000 List of America’s Fastest-Growing Companies

This means your team can generate reports quickly, providing auditors with the necessary documents and insights without delays. Double check sender addresses as well, as there are fraudulent email addresses that imitate legitimate ones (e.g., @acmecompany.net instead of @acmecompany.com). Discover the top customer communication challenges and the most effective solutions for them! According to Bottomline’s B2B Payments Survey, 49% of businesses experienced serious fraud attempts. When transferring funds to another business, there are several different methods you can choose from—or combine—each with its own advantages and disadvantages. Read how this pioneering health app brought finance entirely in-house and eliminated the need for outsourced accounting help.

• Instead, payment platforms will route invoices through the necessary channels for review and approval.
• Discover how you can automate invoice processing and improve cash flow in just 5 steps.
• B2B payment automation bolsters internal controls by enhancing the accuracy and efficiency of the entire AP process.
• With that, several banks in Australia have begun to phase out cheque services – and we’re set to see it disappear altogether by 2030.
• That way, full access is only granted to those who really need to see the information.
• However, these payments occur electronically and are often completed in less than three business days—a marked time improvement over a mailed check.
• We are excited to show how Tipalti can streamline your account payable process and enhance your financial operations.

How to Seamlessly Switch Your Business Tools

By replacing time-consuming manual processes, B2B payment automation means AP teams no longer have to enter payment data or track due dates manually. This reduces labor costs and frees up employees’ time to focus on higher-value tasks. Same-day payment methods help you avoid late fees, make strategic ordering decisions, and even take advantage of early payment or quantity Law Firm Accounts Receivable Management discounts if your supplier offers them. Some AP automation software options, like Ottimate’s VendorPay, also offer cashback incentives when using virtual or physical debit cards. Checks are a traditional payment method that many organizations still use due to their familiarity and wide acceptance among vendors.

Compliance and security

In fact, one study says that 60 percent of businesses believe that 35 percent of their annual revenue is influenced by external parties. Take a forward step into 2024 by embracing the advantages of AP process automation. Without shoring up vulnerabilities against fraud, your AP team has peace of mind and a potential boost in the odds of pulling ahead of the competition. We’re careful to avoid any potential cross-contamination of customer data sets, which we can do quite easily due to our clear segmentation across different customer data. This information will help you evaluate platform features and capabilities and calculate the ROI of implementing different platforms.