As a middle-market enterprise, one of your biggest goals is to grow your organization. You have undoubtedly invested heavily in a variety of marketing channels and are continuing to innovate in order to be able to meet more of your customers’ needs. However, doing more should be coupled with doing better. Implementing business process improvement principles and streamlining your core workflows are also essential to growing your business. Specific tasks and activities, such as the procure-to-pay cycle, are fundamental to your ability to grow.
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Without having a smooth and speedy process for buying and paying for supplies, you won’t be able to scale your company. At the heart of the procure-to-pay cycle is accounts payable, the department in which a business processes invoices and makes payments to suppliers for goods or services rendered. Unfortunately, the vast majority of invoices are processed manually, with employees copying and pasting information from one system to another.
This is what is holding back so many organizations all over the world. Research shows that the majority of businesses continue to rely on manual processes, even though many of them recognize its inherent inefficiencies. Many accounts payable teams wind up overwhelmed with mountains of paperwork on their desks and not enough time in their days. This can lead to important documents getting lost, unnecessary delays, and demotivated employees. Additionally, traditional, paper-based workflows create additional security risks.
In the confusion of the average accounts payable office, it wouldn’t be tough to falsify a signature on a single document or change the value on an invoice. Human error is also an issue that accounts payable teams must contend with. No one is perfect, and demotivated employees who are tired of performing the same tedious task are even more likely to err. All of these issues are why many businesses are looking for a better way to pay their suppliers. The answer is simple: automation in the form of a PMS (payment management system).
Payment management solutions enable you to pay your suppliers electronically. This means that you can eliminate the costs and inefficiencies associated with paper checks as well as reduce the potential for fraud in your accounts payable department. The best payment management services streamline your payment processing and can provide significant savings. One example of a PMS management system is AvidPay from AvidXchange. AvidPay offers a host of features that you can use to make paying your suppliers simple and fast.
Firstly there are the lowered operational costs. Savings are created by the fact that employees no longer have to spend time finding lost checks or dealing with printing, envelopes, postage, and time spent following up on checks. Bills can be paid in seconds rather than days. This results in a more rapid payment process in your businesses but also means that your suppliers will be paid faster. This means you can build a stronger relationship with your suppliers, who will appreciate being paid much sooner than they can traditionally expect. Many suppliers will even offer discounts to their buyers for immediate electronic payments.
For example, a cloud-based service can be accessed from anywhere and at any time, giving you 24/7 visibility and access to your accounts payable processes. Furthermore, with the advent of COVID-19 and the consequential rise in remote working, cloud-based solutions provide the remote support you need to ensure that all of your team members can collaborate, no matter where they are. If your team preferred (or was required to) move to a remote setting, all your employees would need to do is use their payment management system login information to access their accounts and manage your company’s payments to suppliers.
One of the other organizations providing a payment management service is Google. The payment management Google solution provides a speedy and efficient way to make payments for both consumers and businesses. However, Google Pay is primarily designed to provide electronic payment support in the B2C space. A payment management app such as AvidPay can give you more than just faster payment options. A cloud-based payment system can give you a more accurate and dependable way to track your payments and can provide all kinds of analytical information that can help you improve your processes.
Although, even the official PMS is still very similar to the kind of tool we have been explaining. The purpose of a B2B payment system is to provide a way to pay your bills faster and with more efficiency. AvidPay is a solution you can trust. Thousands of different organizations have already utilized our platform, and our AvidPay Network consists of more than 825,000 suppliers. Plus, because automation should never mean a loss of control, we have designed AvidXchange to give you the ability to create custom workflows in our cloud-based platform.
AvidXchange understands this and has set up the AvidXchange Academy to help make training easier. Instead of trying to memorize all kinds of complicated payment management system transaction codes, your team can quickly get answers to their questions and learn how to become experts with our PMS management solution. At the end of the day, what is payment management? Fundamentally, it is the practice of tracking and studying your payment processes to identify ways to make the whole process more efficient.