Paper pressure never lets up in real estate AP departments. There is the pressure to handle over 60% of payments via check, all through manual processes. There is the pressure that comes from the high costs of processing paper checks. Finally, there is the pressure of trying to keep track of scattered invoices, checks, emails, and receipts.
Fraudsters see real estate companies as easy targets given the extraordinary volume of paper invoices and check payments. Real estate organizations far and wide have been victims of a flood of financial crime and business email compromise schemes, ranging from sophisticated cyber fraud, illicit checks and compromised vendor accounts.
Real estate AP teams work with a vast network of vendors. Adding, removing, and maintaining these vendor records is complicated at best, to say nothing of the challenges involved in keeping information secure and updated across multiple accounting systems.
The pandemic has ushered in remote working at meteoric speed – and real estate AP departments are feeling the pain of manual processes that are incompatible with a remote workforce. The inability to access and process payment information when and where it’s needed is an ongoing headache for AP teams.
Most real estate companies are hungry for growth. However, growth that is shackled to manual, paper-based AP processes means a greater volume of checks. This increases exposure to fraud risk, lengthens payment processing times, creates paper trails that are far from audit-friendly and multiplies inefficiencies across AP processes and payments.
These very real headaches can be eliminated with a single prescription: digital transformation. By converting to digital payments, paper – with all its inefficiencies, errors, and costs – disappears. Vendor management is simplified and vendor information is secured. Fraud risk plummets as vulnerabilities are eliminated. Remote work becomes easy, increasing productivity and efficiency. Finally, growth is no longer inhibited because scaling is a cinch.
It’s that simple. Paymode-X is all you need to relieve your AP headaches and build a better real estate business.
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