Digitize Your Accounts Payable: Part 3—Integrations
Consider this your cheat sheet for digital AP.
In this blog post, we break down how to supercharge your paperless pay and what you can expect performance-wise. If you're new to our "Digitizing AP" series—stop here. First, you need to understand the why and how and second you need a crash-course in workflows.
But if you're one of our AP veterans—read on. It's time to talk about integrations.
AP digitization and paperless pay automatically accelerate the AP cycle. But there’s one more step that will help you get the most out of your online bill payment system. That's right, it’s time to integrate.
By syncing your online bill payment solution with your accounting system (QuickBooks, Xero, Intacct, NetSuite, etc.), you’ll ensure the highest level of efficiency and accuracy for your financial operations by:
1. Avoiding double data entry (because who likes to print information from one system and type it into another?)
2. Eliminating human data entry errors
3. Simplifying account reconciliation
4. Maintaining an accurate view of financial performance and cash flow through real-time updates
Plus, these integrations are fast and easy to set up.
Your guide to digital AP performance boosts
Performance boost #1: Automatic audit trails
When it comes to your company’s finances, it pays to be safe. Automatic audit trails that track AP from beginning to end add an extra level of security and transparency to your company’s operations.
Whenever a bill enters the system, the tracking begins. The solution keeps a trail of who reviewed and approved the bill, conversations or questions around it, when and how it was paid, check images and more.
The trail is audit-ready.
Should your company undergo an audit, you can grant the auditor a specialized, limited access to the system. No more scrambling to track down paper invoices, check images and files. Plus, you (and the auditor) have a transparent view into all activities surrounding AP.
Performance boost #2: Bank-grade security
Checks offer two pieces of information that make it very easy to defraud a company: A banking account number and a routing number. Should an unethical employee or unauthorized third party gain access to that information, he or she can cause some serious damage to your organization’s finances.
Digital pay ends the need for physical checks and the security risk they represent. Your payments are withdrawn from the online bill payment solution provider’s account. The exposure of your valuable information is greatly decreased.
Plus, digital payments through a bill pay solution offer bank-level security. Banks must comply with stringent government regulations, a heightened security measure that applies to your company through the bill pay solution.
Performance boost #3: More done in less time
Digital payments allow you to complete the bill pay process in a fraction of the time that it takes for paper-based bill pay—at least a 50% reduction. This means you and your employees now have a significant amount of time to invest back into meaningful activities while still benefiting from an enhanced bill pay solution and process.
Automation plays a large role in this time reduction. With automated workflows, payment reminders and more, businesses cut back on time tracking payments.
Digital payments and mobile access allow you to efficiently pay online with a few (authorized) clicks or taps. This stops the need for bank and mail runs, envelope stuffing, following up with reviewers, and answering questions for vendors.
Performance boost #4: More done with less money
Paper AP costs money. Your company must buy paper, magnetic ink, check printing software, envelopes, stamps and more to complete the process. By getting rid of the paper in business payments, you immediately cut supply costs.
If you haven’t considered digital AP, it's time to take advantage of all these benefits.