Automated Accounts Payable Benefits in the Wake of a Global Pandemic

Green Financial Preparation Finance Presentation

 

CPS Payment Services continues to be a leader in B2B ePayable solutions, which enables an organization to automate the disbursement of its vendor payables. While many companies recognized the value of this process prior to the pandemic, CPS has seen an exponential increase in businesses looking to automate their Accounts Payable department in the wake of COVID-19.

Why the increase? It has become staunchly clear that the day to day office setting, we once knew, will no longer exist in the same way moving forward. Reliance has shifted from face-to-face meetings and manual engagements to digital interactions and automated processing. The benefits of this are clear: process improvement, continuity in uncertain times, and increased enterprise value.

Process Improvement

CPS Payment Services creates a streamlined process by which a company outsources their accounts payable department through an integration with the organization’s existing ERP system. Disbursements of vendor payables are then made via virtual card, check, enhanced ACH, or other means. Implementation of this process allows for increased payment security, reduced environmental impact, and internal resources to be utilized for value-add labor efforts at no cost to the AP department.

Continuity & Safety During COVID

In the midst of uncertain times continuity of process is a must, as one missed payment could result in valuable time and money lost for an organization. The automation of the accounts payable process ensures that employees will require fewer in-office hours. This allows an organization to take appropriate measures, with regards to COVID-19, while reducing any disruption to payments should a critical employee become ill or need to care for a loved one.

Increased Enterprise Value

CPS Payment Services takes what was once a cost to an organization and turns it into a revenue generator. Through the implementation of CPS’s ePayable solutions, not only is the process cost reduced through the addition of virtual solutions, but also an organization generates new revenue of approximately $1M for every $1B in annual revenue. This is in addition to the elimination of non-value add with internal employees.

Take your next step in maximizing the value of your organizations payables and request a meeting with a representative today. CPS Payment Services can change the way you make payments in as little as two weeks.

 

Keep your system. Change the way you make payments.