With all the technological development in the business sector, the year-end closing process should be a lot shorter and quicker. However, it is still a stressful period for the accounting department. Everything is put on hold so that the closing cycle can be completed; variance analysis or research on discrepancies are put on the back-burner. Does this sound familiar?
ERP software certainly makes the process easier with invoice tracking and reconciliations, but year-end process is still daunting with the myriad of checklists and document templates to complete. Payments to vendors must still be made and reconciliations need to be done by the last day of the month.
The payment disbursement process is still a pain point for month-end and year-end closing. Preparing batch check runs and ACH payment transactions are crucial to the business, but serially monotonous and repetitive. Pending payments to vendors affect cash flow and lower visibility of true cash reserves. In addition, making sure to leverage vendor payment terms for the maximum discount is a KPI for most Accounts Payable staff. It’s no wonder, the year-end process is so hectic for most businesses.
Payment disbursement software helps organizations by automating the process. By automating disbursements, the AP staff has more time to dedicate to ensuring company's finances are in order. Automation provides better financial readiness while bolstering crucial vendor partnerships with timely payments.
Finding the right technological partners to provide critical support is frustrating at times. New software is touted with fancy bells and whistles, but the shiny veneer hides the lack of understanding of AP processes. When evaluating payment disbursement software, how do you get past the shiny bells and whistles to ensure the product you're evaluating will actually streamline and shorten the month-end closing process?
For starters, make sure to see full product demos. You want to pick a tool that mimics your ERP or accounting system in order to make the transition and adoption for the AP department as easy as possible. Partner with solution providers that have advanced knowledge of back-office finance procedures; providers that understand the intricacies of AP procedures can help your organization streamline the AP process. Evaluate solution providers that give you an assigned account manager to help quickly resolve any issues that arise during year-end closing.
- Product demos
- Software that mimics your accounting system
- Solution provider with advanced knowledge of back-office finance procedures
- Dedicated account manager to help quickly resolve issues
At CPS Payment Services, former Big Four partners and managing directors embarked to develop a solution that truly works for AP partners. With a balanced understanding of technology and AP, our proprietary software, the CPS payment portal, makes the AP staff life easier with familiar interfaces to all major existing accounting systems.
At CPS Payment Services, we specialize in making the disbursement process more efficient and rewarding. Our solutions can be tailored to your needs: from fully automated to semi-automated. Wondering how much it costs to have a great time-saving solution? Zero. Our solution pays for itself, and on top of that, it pays you in form of a rebate revenue.
If you want to learn more about our solutions or have any questions about electronic payments, click here to set up a time for more information!