The Financial Impact of Automating AP
Transforming AP certainly makes a compelling business case from a financial perspective. When considering possible financial gains, don’t overlook the costs of manual invoice and payment processing. AP staff time spent keying (and re-keying) information and following up on approvals can certainly be better spend on more value-add activities. Not to mention the cost of printing and mailing checks, positive pay bank fees, and the burden of escheatment tracking. Any fraud losses resulting from stolen checks would have incremental and likely severe financial implications too.
Consider not only the hard cost savings you would realize, but also the positive impacts from eliminating late payment fees, capturing more early payment discounts, mitigating fraud risk, and earning cash-back rebates when you pay your vendors by ACH and virtual card.
How Paymode-X Can Help
Paymode-X is the largest B2B electronic payment network with over $400 billion in payments processed annually with zero fraud to over 550,000 suppliers. By processing and paying your supplier invoices digitally using Paymode-X, you’ll decrease manual tasks and paperwork, reduce the unnecessary risk of fraud, increase visibility to cash, and create rebate opportunities, which boosts cash flow.
Learn more about Paymode-X and how the majority of customers reduce their AP processing costs by over 50%.
