There is a hint of optimism in the air as the economic landscape is now swinging back into normalcy. And while we welcome this change for the first time in over 18 months, business owners and CFOs are currently looking for seamless ways to tackle administrative and financial challenges. Because of this you can review many of your business expenses. In addition, the way in which you pay your business’ bills can also help you save.
Business overhead costs are a recurrent challenge that executives consistently face, and they should try to get them under control. There is a significant need to comprehensively review your business operations, properly budget, make payments, plan and account for your business finances.
As we try to put the global pandemic behind us once and for all, it is essential to look at the ways in which you pay your bills and if you need to make any change.
Another challenge some businesses face today is the problematic nature of the cash flow. CFOs and accountants are dealing with these kinds of paperwork. Having to deal with several invoices from vendors can often become a hectic experience.
The need for more accessible and smoother methods in processing this paperwork arises.
Proper administration is an ingredient to business growth and development. However, small and medium-scale business owners constantly deal with a lot of paperwork. Everything from procuring workers’ salaries and benefits, paying and saving money, invoices, transactions, and whatnot can be mentally exhausting and cause workplace fatigue.
According to a report, the global costs of fatigue have surpassed $500 billion, leading to decreased productivity. Many business owners tend to work longer hours than their employees for fear that operations might stall in their absence.
Fatigue can lead to making erroneous calculations and rash decisions that might impact the business negatively.
The solution to these challenges?
One word: technology. Automation and technology continue to penetrate every business sector, making many processes easier and more efficient. It is only natural for business owners to take advantage of technology integrating it further into day-to-day operations. Additionally, 51% of companies are already planning to digitize their payments in the coming months.
Process improvement and organizational effectiveness are a strong focus for businesses today. Because of this automation is a suitable solution. Why? It reduces the need for constant human intervention, creating a digitized accounts payable (AP) process. This means you will be able to pay and save with ease.
Some of the benefits of automation include:
Elimination of Errors
One of the usefulness of automation is integrating it into your enterprise resource planning (ERP) system, which creates the opportunity for real-time financial reconciliation without hassles. By adding this automation, you can process all your vendor payments on a single platform, reducing the risk of checks being lost or stolen.
Reduce Printed Checking Cost
Automation can also eliminate the need for constant restocking of check printing supplies. Writing, printing, and disbursing checks take a lot of time that can be channeled elsewhere.
Automation also reduces paperwork, which means you get to spend less time and effort at the workplace. Having less work means more freedom to focus on something else.
And when it comes to automation for payments and savings, our partner REPAY is an innovative platform where you can accept payments from customers and make payments to vendors seamlessly. Their unique features can include omnichannel inbound and outbound payment processing, messaging management solutions, industry-leading security for businesses to take advantage of.
With their AP automation, REPAY can help simplify and digitize your vendor payments into a single payment file. In other words this enables the REPAY portal to make vendor payments seamlessly on behalf of your business using a one-time-use virtual card or check. With REPAY, you can improve your business’ cash flow and revenue, on-time payments, customer satisfaction, and funding speed. They take the ways in which you already pay bills and help you save further or even recoup dollars.
With REPAY you are able to simplify vendor management. Rather than having to make numerous phone calls and potentially wasting hours in the process their solutions can set up automation from initial setup to ongoing payments. This process includes account setup and updates through their PCI-compliant environment. With end-to-end AP automation, you spend less time managing their accounts so you can focus more on building relationships with them.
They have easy enrollment offering the industry’s most advanced vendor enrollment approach. This leads to less effort and more benefits, including, automated payment type determinations, in-house team of specialists who understand vendor needs and pain points, substantial vendor network with 46% growth over the last two years, and multiple advanced enrollment techniques to maximize electronic payments
You can also reach out to Expense To Profit to see how we can help your business reduce expenses while boosting profits.
Published by Marc Freedman
Marc currently serves as our Chief Cost Evaluator, expertly advising our client management team on how to help you successfully achieve your business and financial growth goals. A respected mentor to all he consults with, he is an avid collaborator and contributor to the spend consultant community, guiding thought leaders to formulate, design, and install the best operational solutions available to their clients.