B2B Automation Reduces AP Errors
Late payments can have a negative and wide-ranging ripple effect on businesses if not dealt with quickly. Money not being used where it is designated, can result in delayed payments for vendors such as payroll for employees or rent paid out to a landlord. For buyers, late payments can result in costly fees. All can add up and have a detrimental impact on a business if not addressed.
Streamlining the accounts payable (AP) process via automation is crucial and it reduces late payments on both sides of the business-to-business equation. By replacing manual tasks with automated systems, AP automation can generate significant cost savings and efficiency improvements for merchants.
This type of automation has emerged as low-hanging fruit for businesses to boost performance of their AP team especially when it comes to submitting invoices, managing approvals, and processing payments. See below for many of the benefits that AP automation can provide.
Benefits Businesses See from AP Automation
- Improves cash flow management
- Increases speed of payment
- Improves data security
- Allows better visibility and transparency of payments
- Processing of large payout volumes
- Ability to pay vendors using their preferred payment methods
- Improves relationships with vendors
- Allows real-time integration of AP data to an enterprise resource system
- Reduces costs
- Increases working capital
- Bolsters use of human resources
Learn More About Our B2B Solutions:
Contact us online or call 1-800-621-8931.
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