Make and receive secure and convenient electronic payments using a solution trusted by 550,000+ member businesses.
1 Managing and updating vendor bank account details
2 Timely approval of invoices and payments
3 Difficulty capturing early payment discounts due to slow approvals
4 Missing vendor information
5 Manual workflows and excessive delays caused by legacy payment processes
60% of finance leaders say Accounts Payable is the #1 most inefficient component of their manufacturing company’s operations
of manufacturing CFOs report that optimizing AP processes is their top focus for digitization efforts
of manufacturing organizations plan to invest in AP automation technology over the next year
of manufacturing organizations plan to increase their use of ACH payments over the next year
of manufacturers state that converting from checks to ACH and virtual card payments is their top priority when automating AP
of manufacturing organizations plan to increase their use of virtual card payments over the next year
60% of manufacturers say that time savings and improved productivity are the top drivers of AP process automation at their organizations
55% of finance executives cite improved AP visibility as a top priority and key benefit of automating accounts payable
64% of manufacturing organizations have experienced a payment fraud attempt within the past year, with 14% having suffered more than one loss
Over $275 billion in ACH and virtual card payments are made using Paymode-X every year, all with zero fraud
58% of Bottomline customers report improved vendor relationships
as a result of using Paymode-X
Saving up to $4 per check by converting to digital payments and automating processes
Only 48% of payments are made on-time without automation
But 90% of payments are made on-time even with a modest level of AP automation
To create business value from your invoice-to-pay process that will help you achieve your strategic goals, consider these 8 lessons for AP from the manufacturing shop floor.
The manufacturing industry is being digitally transformed from top to bottom with the Industrial Internet of Things (IIoT), smart manufacturing, intelligent automation, and the like. Do not let your Accounts Payable (AP) department be left behind.
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