You just ordered a pizza online from your favorite pizzeria. Within seconds, you receive confirmation of your purchase. From the moment you ordered it, through when it’s delivered, you can track its progress online.
Not only does this visibility provide you with peace of mind, but it also lets you be far more efficient with your time. You can do other things – not wait expectantly by the door until it’s delivered.
All of this is great. So, shouldn’t you require the same level of AP visibility about where your invoices and supplier payments are at every step along the way – from invoice receipt to payment? After all, your company’s cash and its relationship with suppliers is far more important than one casual dinner.
Three Common Blind Spots with AP Automation and Payments Solutions
Many AP automation companies can provide a lot of data for AP teams to review – how many invoices were processed, how fast they were processed, etc. But not all of them provide the AP visibility that counts, specifically, “What are the statuses of invoices and payments?”
Here are three of the most common blind spots that occur with AP automation and payments.
1. The Black Hole for Suppliers After Submitting Their Invoices
Once suppliers drop an invoice in the mail – or send via email – they’re often left to just hope it reaches the right destination. That’s why your AP team hears from them (sometimes repeatedly) wanting updates on where things stand. They like knowing the status of their invoices and their money just as much as you do.
And this is no way to operate since, in real estate, key suppliers can make or break you.
Thus, it’s important that suppliers can self-serve and check the real-time status of their invoices and payments. If they can check that an invoice has been submitted, approved, paid, rejected, etc., there’s no “black hole”. With NexusConnect, suppliers can view their invoice status with just a few clicks.
Suppliers can view invoice status in NexusConnect without ever picking up the phone.
Suppliers also need to know AP payment status throughout the entire payment lifecycle. And this knowledge helps you too. For example, if suppliers can log in to a portal, like NexusConnect, to check whether a virtual card payment has been issued but remains unprocessed or see that it is partially unprocessed (and grab the card info they need in seconds), or that a check has been sent, they’ll be able to take action immediately. They won’t wait at their inbox, or their mailbox (similar to how you don’t want to wait by the door for your pizza).
All of this visibility not only means that suppliers will be processing their payments on time, but it also ensures that they’ll want to work for you again, even if it means getting up in the middle of the night to fix an elevator.
Suppliers can see their payments – received and in process – at a glance.