It is no secret that the economic uncertainty of 2021 has brought with it, for many companies, a time to focus on process improvement and organizational efficiencies.
Invoice processing carries with it a large price tag in terms of actual cost to the organization, as well as the time spent by the accounts payable team. There exists a disjointedness in manual processing due to the labor-intensive nature of the work and the slowness of invoice cycling times.
Automation, by definition, refers to the use of technology in order to reduce the need for human intervention within a given process. Thereby, AP Automation can be defined as the establishment of a fully digitized and automatic accounts payable process through the elimination of manual vendor payments. The greatest benefit can be simply summarized as providing an organization with greater control over their finances.
1) Reduction of Errors
CPS Payment Services’ proprietary TotalPay technology integrates directly into your organization’s existing ERP system allowing for real-time financial reconciliation before converting all vendor payments into a single payment file. This file then allows the CPS portal to make vendor payments on behalf of your organization using a one-time-use virtual MasterCard, ACH, enhanced ACH, check, or complimentary Pay4You service.
2) Reduction of AP Spend + Infusion of RebateUtilizing the CPS ePayment platform ensures that all payments are made with the greatest opportunity for savings in the form of discounted payment terms with vendors. This is in addition to the new revenue stream your company receives in the form of a rebate. Rebates are estimated as $1M new revenue for every $1B in annual revenue.
3) Reduction of Low-Value Tasks for High-Value Employees
Studies have recently shown that members of accounts payable teams are putting in more hours than ever in order to keep up in today’s new climate. Through the utilization of accounts payable automation, one’s organization can re-focus objectives for its AP team. Our solutions not only maximize speed and ensure accuracy, but also reduce human error and time spent on repetitive tasks.
Want to learn more about the efficiencies your organization could see through the implementation of AP Automation? Schedule a meeting with one of our specialists today.