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Why Automate?

Annual savings for UK businesses using Direct Debit over paper-based collection methods is estimated at around £3.5 billion 

Source: Bacs Annual Review 2012 

To pay and get paid. Two essential financial processes for every business.

While payment processes have evolved enormously in the last decade, many organisations are still missing out on a range of cost and efficiency benefits available today. The way we make payments in our daily lives has certainly changed dramatically over the past 10 years. Banking is no longer just something we carry out on the high street, but a friction-free transaction from a device in our pocket, or on our wrists.

Payment is a gesture, a swipe, a thumbprint. Yet despite this transformation, the way many organisations manage their payment processes has changed relatively little – many just use internet banking to accompany a separate accounting or payroll system to make and manage payments. Extensive manual processes are prevalent, with arduous cash collection processes, poor visibility, which can cause an increase in errors and opportunities for fraud.

On top of this, a large proportion of invoices are still delivered by paper – adding even more manual processes. By adopting the right technology, a highly effective finance function can increase productivity, improve control and help any organisation remain flexible, scalable and competitive in their industry.

Download the white paper Payment Automation – Becoming a Highly Effective Finance Function for your introduction to automated payments.

 

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