Risk Of Not Automating B2B Payments
AUTOMATED B2B PAYMENTS
In an environment where data security and rapid payments are priority, automated business-to-business (B2B) payments offer an invaluable solution. Accounts payable (AP) automation software makes vital services more efficient, enabling companies to print/capture suppliers? invoices, obtain multiple approvals of invoices and manage payments to multiple vendors or suppliers from single platform.
For finance executives looking for software solution that is secure, timely and cost-effective, the risk of not investing in automated B2B payments can be significant. Companies that have yet to introduce automated B2B payments into their operations are at risk of succumbing to the following:
Data Loss Risks
Manual data entry increases companies chance of experiencing costly data errors and mismatches, particularly when dealing with large volumes of information. The risks associated with manual data entry are consequential, ranging from inaccurate data to inefficient processes and potential security issues. Automated solutions are seen as safer alternative, with software solutions storing data in secure digital hub.
Lost Savings
B2B payments automation services increase efficiency by eliminating time-consuming tasks such as manually entering payments and waiting for manual approval. Manual payments are often more costly for both buyers and suppliers, and for executives in the C-Suite, cost is always concern. Automated solutions take much of the hassle out of managing suppliers, allowing companies to achieve potential cost savings.
Vulnerable Security
Cybercrime is an ever present threat to companies that transmit data manually to third parties. Automated solutions can protect against data breaches and reduce the risk of fraud, while meeting compliance requirements.
Compliance Issues
Manually-processed payments often fail to comply with required financial and legal regulations. Automated solutions, however, can help to meet state, federal, and global regulations.
Inadequate Payment Visibility
Finance executives need real-time payment visibility if they are to accurately plan and manage budgets. Manual processes are often outdated and lack real-time accuracy, whereas software-based solutions provide more extensive and timely information.
Increased Tendency For Late Payments
Manually processed payments tend to take longer. As such, there is higher possibility for late payments, which can increase vendor disputes, potentially influencing companies reputation. Automated solutions guarantee more secure and timely payments, improving the speed and reliability of payments.
When executives in the C-Suite evaluate payment processes and pinpoint potential areas of improvement, automated B2B payments solutions should be considered. Taking the time to consider automated B2B payments carries the potential to eliminate data loss risks, lost savings, vulnerable security, compliance issues, inadequate payment visibility, and increased tendency for late payments.
