While fast-paced business operations are more essential than ever, many service providers in areas like security, telecom, and managed services, are still relying on manual accounts payable processes that are cumbersome and time-consuming.
Research shows that these outdated methods can lead to significant inefficiencies, with companies spending an average of 25 days to process a single invoice. Additionally, manual processes are prone to errors, with studies indicating that up to 20% of invoices contain discrepancies that require time-consuming corrections. These challenges disrupt cash flow while also placing a heavy burden on finance teams with limited resources, taking away valuable time that could be better spent on strategic items.
Optimizing and digitizing the accounts payable process is an underappreciated way to transform these challenges into opportunities for growth with greater efficiency. By partnering with the right software provider, organizations can reduce the average processing time to as little as five days, while also minimizing risks and improving overall financial transparency. Beyond efficiency, the right accounts payable solution, like Rev.io Payments, offers additional benefits such as enhanced security, better compliance, and improved supplier relationships.
Below we will explore six key advantages of digitizing your accounts payable process and detail how it can elevate your business operations.
Automate Accounts Payable
First and foremost, when you automate your accounts payable process with Rev.io Payments, you remove the burden of vendor and supplier payments and significantly reduce the amount of time and energy your finance team needs to spend on this essential function. By leveraging our integrated and streamlined Payments solution, you’ll be able to redirect their focus to strategic measures that help your business grow.
Automate Your Payments
One of the best parts about utilizing Rev.io Payments is that you can manage all your payments to suppliers and vendors (whether you are sending checks, paying through ACH or creating virtual cards) and add an additional revenue stream to your business (we’ll do a deeper dive into how this works below). Centralizing this process and enhancing it with automation helps to reduce the chances of both manual errors and the chance of oversight or missed payments, ensuring that your business stays up to date on the payments you need.
Strengthen Security
When it comes to payments processing, security is everything. Our Payments solution includes multi-layer fraud protection and utilizing the digital cards payment method within this offering will reduce your business’ credit exposure. You will be able to leverage enhanced chargeback rights and ensure that your accounts payable process is more secure than ever before.
Reduce Costs
Accounts payable management can be a time-consuming and costly process. Statistics show that it can cost an average of $12.44 to process one invoice manually.
There are ways to reduce accounts payable costs, however. By eliminating manual tasks, such as check printing and mailing, you gain efficiencies and save costs on fees. Further, you can leave your vendor and supplier enrollment to us. We will handle enrolling vendors and suppliers to optimize your program.
Control Spend
Cash is the lifeblood of any business; it’s so important to businesses that 82% of businesses that fail cite poor cash flow management as a reason for the failure. Having control of when and how you pay your providers can help improve cash flow challenges. Proper invoice management can help you gain greater control over your payments and optimize your cash flow.
New Revenue Stream
What if your accounts payable process could not only be made more efficient, but could also actually add to your business’s income? With our solution, you pay no fees for virtual cards. In addition, we actually pay you a rebate on all card volume.
Optimize Your Accounts Payables Process Today
These are only a few of the benefits your business can realize by making your accounts payables process more efficient. By partnering with the right software provider for accounts payable solutions, accessing these benefits is easy.
Contact us today to learn more about how Rev.io can help you reap the benefits of an enhanced accounts payables process.