Accounts payable departments aren’t the only ones that benefit from payment automation.
Suppliers cash in, too.
That’s according to First Annapolis Consulting. Through market research and interviews with product managers at technology companies and accounts payable leaders, the research and advisory firm has identified the biggest benefits of payment automation for buyers and suppliers:
Benefits for buyers:
- Streamlines the payment and reconciliation process by reducing cycle time, costs and financial risk that traditional payments entail
- Increases control of purchases and aligns spending with procurement processes
- Improves efficiency by optimizing resources previously dedicated to reconciling payment errors and duplicate payments
Benefits for suppliers:
- Increases working capital by accelerating collections from the time of invoice submission
- Eliminates labor-intensive processes, including invoice presentment and inquiries regarding invoice and payment status
- Reduces the number of exceptions, errors and disputes through enhanced remittance information
- Strengthens and expands relationships with strategic buyers
Keep this information in mind the next time someone tells you that your real estate company’s suppliers would never adopt electronic payments.
Read this blog to learn more reasons why you should automate your supplier payments.