Since the very beginning, true e-invoicing is known to be the most cost-effective and efficient method for AP processing. The reason being, it eliminates paper and manual data entry completely. The kind of importance given to it is because, electronic invoices can go straight to the approver and then straight to payment, directly through processing. Which is why this capability is considered one of the greatest advantages of e-invoicing. The case with finance professionals and leaders is that they are starting to accept the novel solutions introduced in the market. These solutions include integrated payables software. The main aim of this software is to automate accounts payable processes. It also wants to convert payables from a strong liability to an extremely useful asset.
About Integrated Payables SolutionIntegrated Payables Solution fully-automates payment services. This helps businesses save time and money by consolidating multiple payment types into a single electronic file. It also saves them the whole effort of switching back and forth between different systems and payment processes. With this solution, organizations can initiate payments for all their vendors, employees, and other payees through one safe, secure electronic process. Integrated payables solutions also have the ability to offer businesses complete Accounts Payable outsourcing.
Features of Integrated Payables Solution
2. Payment AuthorizationApproved invoices can then be aged and approved for payment according to your cash management policy. Payments are processed directly from your account without the use of settlement accounts.
3. Payment RemittanceElectronic remittance details are sent to vendors. This assists organizations to keep a good track of all their payments.
4. Create Cost Efficiencies & Improve Cash FlowOrganizations can choose when and how to pay your vendors so that you maximize benefits back to your business. They can also gain extra cash by taking advantage of early pay discounts.
How is an Integrated Payables Solution Beneficial?Integrated payables solution streamlines the payment process by consolidating it into one step. Organizations maintain complete control of the funds and instruct the bank when to release the payment transactions. Through this streamlined payment process, the Integrated payables solution also reduces cost by allowing regions to process payments for much less than a company would be able to do internally on its own. Following are some of the major benefits:
- Automate payment execution
- Easy integration with the client’s accounting/ERP system
- Ability to handle a high volume of non-invoice payouts like marketplace payments, insurance payouts or healthcare provider payments
- Ability to efficiently execute hundreds and thousands of payments with strict and secure controls
- Guaranteed online fraud protection
Key Takeaways from "Emerging Trends in AP Automation"
- The solution is a good combination of software and services from a provider that allows organizations to easily make invoice payments.
- There are a number of dynamics that make an integrated payables system especially valuable for companies
- The price of the solution for an organization depends on multiple factors such as the number of transactions they process, the type of accounting system they use and the features they want.