If the last few years have proven anything, it’s that “business as usual” is a thing of the past. The pandemic accelerated the trend toward accounts payable and receivable digitization, as organizations sought to lower costs, increase efficiency and manage vendor and customer relationships remotely. Today, the global supply chain and energy crisis, along with the looming threat of a recession, is emphasizing the need to optimize financial operations more than ever.
With the acquisition of YayPay in 2020 and Beanworks the following year, Quadient established itself as a comprehensive partner in automating accounts payable and receivable. On November 7th this year, YayPay’s and Beanworks’ rebranding to Quadient AR by YayPay and Quadient AP by Beanworks highlighted the final stage of the companies’ integration with Quadient.
Stop wasting time and money
At a time when every penny counts, throwing away capital on manual accounts payable is not only wasteful but risky. Those inefficient processes increase the likelihood of making late payments, which can lead to fines or fees. In some cases it can even get your account placed on hold with a vendor, disrupting your supply chain.
Did you know?
Adopting an automation solution can reduce the overall cost of processing an invoice by approximately 75%
Despite an increase in digitization, check payments still makeup 40% of all transactions, and the United States alone spends almost $160 billion a year on paper invoices and payments. The cost of processing a single check can run as high as $20 and typically takes from 5-10 days to clear after being sent out.
Even worse? Checks are easily susceptible to fraud. Last year, 66% of organizations were exposed to actual and attempted fraud due to check use.
Quadient Accounts Payable streamlines AP while providing complete oversight of the process, from the moment an invoice is received until it is paid. No more time is wasted waiting for approvals, as messages are directly sent to the necessary parties, along with reminders.
These workflows also allow organizations to better protect themselves from fraud by providing controls like requiring multiple approvers for payments over a certain amount and dividing responsibilities so that the person approving and making a payment is not the same.
By ensuring a smooth accounts payable process, Quadient AP also allows you to better manage your cash flow. Making timely payments provides leverage with vendors, which can be used to receive more favorable rates. It can also provide opportunities for rebates or financial incentives for early payment, transforming AP into a revenue generating department.
Kiss late payments goodbye…
The primary accounts receivable complaint for most companies is late payments. It’s a problem with wide-ranging consequences. Not only does it hurt cash flow, but can impact an organization’s ability to cover its own financial obligations, let alone plan for the future. It can also lead to frustration for customers, who may have to deal with fines, fees, or their account being placed on hold, all of which can hurt the lifetime value of the account.
Did you know?
93% of businesses experience late payments
Quadient Accounts Receivable provides the tools you need to minimize late payments while improving customer experience.
By integrating with your existing ERP, the software eliminates the need for error-prone and time-consuming manual data entry. Not only does this reduce the likelihood of disputes due to invoice errors, but allows your accounts receivable teams to focus on higher-value tasks like strategically approaching accounts at an increased risk of paying late.
This effort is aided by the software’s industry-leading machine learning and artificial intelligence, which analyzes payment behaviors to deliver predictive analytics regarding when an account is likely to pay. With 94% accuracy, it provides a near-perfect picture of when you’ll have money flowing into your business, leading to better cash forecasting and the ability to more accurately plan for the future.
Invoice delivery and payment reminders are sent out automatically, with customizable workflows that ensure that each message reaches the right person every time, keeping the payment top of mind for your customer. When they are ready to pay, the solution’s self-service payment portal allows them to view outstanding balances, ask questions, raise disputes, and make payments using the method and currency of their choice. Because it’s accessible from anywhere at any time, customers can make payments at their convenience, increasing the likelihood of speedy resolution.
When customers do have a question or want to dispute an invoice, the issue is assessed by the software and then automatically routed to the appropriate team member, minimizing the risk of lengthy delays in the payment process.
Using these features transforms accounts receivable from a simple, function based department into a strategic partner in the organization’s success, facilitating better customer experience, sales growth, and improved financial planning.
To learn more about how Quadient provides you with all the resources you need to optimize accounts payable and receivable, contact one of our automation experts today.