Apr 26, 2017 Ralph Perdomo
You've invested a large sum of time and money into an automated procure-to-pay (P2P) solution. You're gleaning new insights into your cash flow you never thought possible. You're grinning from ear to ear— like a proud parent whose child won the spelling bee.
Most automated workflow solutions stop short of delivering a full end-to-end P2P workflow; often requiring you to manually send supplier payments. You were promised a full procure-to-pay solution, but what you got instead was procure-to-payment ready.
Created by Ryan Mason
Your procure to pay solution is missing a very crucial part—the actual payment part.
4 benefits of adding ePayments to complete the last mile in your P2P workflow
1. Reduce costs
Because you're no longer printing and mailing paper checks, the costs of stamps, envelopes, paper, and ink all decrease. Along with these costs, all the time it took to approve, sign, fold, mail, and store the paper images decrease in turn.
In fact, businesses that send 10,000 paper checks per year often realize a savings of $25,000!
Want to learn how much you'll save?Use our cost savings calculator.
2. Increase efficiencies
Aside from savings on direct expenses, you'll also realize savings through efficiencies. Accounts payable spends a disproportionate amount of time tracking down payment errors, reconciling payments and managing multiple payment methods. Making electronic payments in your P2P workflow allows those accountants to spend more time on value-added tasks like unearthing supplier discounts.
3. Earn rebates
One of the benefits of turning to ePayments is the ability to receive rebates on accounts payable invoices. Paying supplier invoices using an AP card, as opposed to ACH or check, will earn your organization rebates.
Scaling your business often requires adding more bodies in accounts payables. Not so with ePayments. An uptick in revenue or supplier count amounts to a few additional clicks by your team— a stark comparison to the extra hours spent manually signing and stuffing checks.
By combining your current automated workflow, along with some or all four of these benefits, you'll set your company on a trajectory towards a true P2P solution.
Find out how Nvoicepay can deliver the most critical part of your AP workflow.