In today's fast-paced business world, it's more important than ever to streamline your operations wherever possible. One area where payment automation can make a big impact is in Accounts Payable (AP).
Payment automation helps reduce the time and hassle of paying bills. Here's how it works: Instead of having to manually enter each bill into your accounting software, payment automation will connect to your billing system and download all of your invoices automatically.
The best part? These are the renowned benefits you can bank on -
When invoices are automatically generated and sent out to the appropriate parties, there's no need for manual input from employees. This drastically frees up time so that your employees can focus on other tasks (that can drive far greater value). And since payments are automated, there's little room for human error!
Payment automation can help to reduce the costs associated with printing and mailing invoices by providing a completely digitized solution (where actionable). In addition, it can also help to reduce late payment fees by ensuring that payments are made in a timely manner.
Empower your customers with the up-to-date information about their account balances and payment history that's needed for refined communication. In turn, this transparency can help to build trust between you and your customers - and to build overall greater relationships.
Automated systems can help to ensure that all information is accurate and up-to-date. This is because manual input is eliminated from the equation. In addition, automated systems can help to enforce compliance with financial regulations and to ensure your business is kept in strong alignment.
Not using a secure payment platform is like going to sleep with all the doors unlocked - how could you possibly expect to be safe? The great thing about automated payment systems like WisePay, is that they often come with built-in security features, such as password protection and data encryption. This especially helps to protect your company's financial information from being compromised by cyber criminals.
As your business grows, an automated accounts payable system can grow with you. This scalability ensures that you will never have to worry about outdated or insufficient software affecting your bottom line.
An automated payment system can provide you with real-time reports about your accounts payable process. This visibility into your process can help you to identify areas where improvements can be made.
By automating your AP process, you can ensure that payments are made in a timely manner. This improved cash flow can free up funds so that they can be used for other purposes, such as investing in new products or marketing campaigns.
An automated system can handle all vendor inquiries regarding invoice status and payment history. This decreased volume of inquiries saves your employees time so that they can focus on the other areas of your business that need the most help.
If you're looking to streamline your Accounts Payable process, payment automation is the right solution for you -
For each invoice you handle, it costs your business time, money, and energy. Wise-Pay seamlessly reconciles invoice payments in your accounting platform, and automatically creates client invoices for credit card surcharge payments, overpayments and pre-payments, so you never have to chase a payment again - get paid on time, every time with WisePay.