It’s time to tear out that cracked foundation and replace it with a solid structure of automation and digitization. Here are six ways better AP payments help you build a better business.
The traditional real estate payment model involves at least twelve steps for making a payment. Automation can slash that process down to as few as three steps, greatly increasing the speed of payment and the efficiency of your accounts payable department.
Fraud is increasing across every part of every business, and few areas are more vulnerable than AP departments working with outdated systems. Eliminating paper processes immediately reduces risk, improves accountability, and makes tracking payments and processes much easier.
Digitization greatly reduces the real cash cost of each payment, resulting in savings that can amount to hundreds of thousands of dollars. That also lets you take advantage of early payment discounts and cashback rebates, while simultaneously eliminating late payment fees.
Modernizing your payment processes puts critical data and actionable insights at your fingertips. This empowers you to optimize your cash flow, make better purchase and payment decisions, and understand quickly and easily where spend is going.
Vendors directly benefit from transformed payment processes in the form of faster payments, less liability, rich remittance data, and real-time payment updates. With satisfied vendors, you can negotiate better payment terms, look for discounts, and create favorable deals.
A transformed AP department compounds value, not inefficiencies. Better operations and automated, digitized processes put AP and the business on the path to sustainable growth.
So how do you dig out the old foundation and lay down the new one? The best way is to work with a partner who has deep domain knowledge, decades of experience in AP payments, and cloud-based tech that is ready and easy to deploy.
With the ever-changing competitive landscape, don't wait to learn how your real estate business can gain a competitive edge with AP Automation.
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