The Pitfalls Of Not Utilizing E Payment Solutions
E PAYMENT SOLUTION
For far too many organizations, the process of managing their accounts payable remains manual and antiquated one. With double-entry bookkeeping, manual payment production, and often highly disorganized record-keeping, there is significant risk both fiscal and reputational associated with not choosing to automate the accounts payable function. Payment Solutions presents viable, immediate solution to increasing efficiencies and lowering the risk of negligence in the accounts payable area.
The key driver of Payment Solutions lies in the ability to create payment links within the accounts payable function, thereby streamlining and automating many of the manual steps thereof. An Payment Solution thus provides the means to capture information, automate their entry into bookkeeping system of records and generate links to initiate payments. The result of such automation inherently leads to reduction in errors within the accounts payable function while increasing the overall productivity of the organization.
Moreover, with decreased risk of errors, the organization can now redirect resources towards more productive endeavors within the finance department, including forecasting of future trends. In addition to greater accuracy and efficiency, an Payment Solution often offers superior insight for decision making at fraction of the cost of manual bookkeeping.
An Payment Solution also provides an opportunity to reduce the risk of the accounts payable function. Not only does it reduce the risk of errors, but it also offers additional security protocols that ensure secure transaction processing from the in-flow of payments to the safe transfer of funds. Furthermore, automation of the accounts payable function tends to ensure that payments are made on-time, greatly reducing the risk of an adverse credit rating for the organization as result of incurring excess late fees.
In summary, it is worth noting that without implementing an Payment Solution in their accounts payable cycle, organizations remain at significant risk of errors, inefficiencies, and security concerns. For those looking to remove these risks and increase the overall accuracy, efficiency, and security of their accounts payable function, they can gain tremendous benefit from adopting the use of an Payment Solution. With vast array of best practices and regulatory compliance that is often included, it is no wonder that so many organizations are leveraging Payment Solutions for their accounts payable process.
