Most automated workflow solutions stop short of delivering a full end-to-end P2P workflow; often requiring you to manually send supplier payments. You were promised a full procure-to-pay solution, but what you got instead was procure-to-payment ready.
Your procure-to-pay solution is missing a very crucial part—the actual payment part.
4 benefits of adding ePayments to complete the last mile in your P2P workflow
1) Reduce costs
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2) Increase efficiencies
Aside from savings on direct expenses, you'll also realize savings through efficiencies. Accounts Payable spends a disproportionate amount of time tracking down payment errors, reconciling payments, and managing multiple payment methods. Making electronic payments in your P2P workflow allows those accountants to spend more time on value-added tasks like unearthing supplier discounts.
3) Earn rebates
One of the benefits of turning to ePayments is the ability to receive rebates on Accounts Payable invoices. Paying supplier invoices using an AP card, as opposed to ACH or check, will earn your organization rebates.
Scaling your business often requires adding more bodies in Accounts Payable. Not so with ePayments. An uptick in revenue or supplier count amounts to a few additional clicks by your team—a stark comparison to the extra hours spent manually signing and stuffing checks.
By combining your current automated workflow, along with some or all four of these benefits, you'll set your company on a trajectory toward a true P2P solution. Find out how Nvoicepay can deliver the most critical part of your AP workflow.
About the Author
Ralph is a Research Analyst at Nvoicepay. He's passionate about marketing technology and creating engaging content that delivers value to the consumer.More Content by Ralph Perdomo