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To provide non-touch invoice processing and support remote work, SoftCo rolled out its SoftCo ExpressAP accountspayable (AP) automation technology. SoftCo ExpressAP removes costly manual invoice processes, enforces cost control, and supports a safe remote working environment.”.
Old-school business-to-business (B2B) transaction methods like sending and waiting on checks and physical invoices are more difficult to stick with now that many offices are closed and financial teams are working from home. Clients are not the only ones causing slow payments. Businesses are also reexamining how they buy from each other.
There are three new features — Intelligent Collections, Intelligent VendorManagement and Intelligent Planning — which are intended to remove time-wasting steps and friction and improve cash flow for corporate finance teams, the release stated.
Efforts to modernize procurement and accountspayable are also opportunities for data integration with the ERP. Robotics process automation shows particular promise, said Gillette, especially in areas like invoice processing, payments approval initiation, compliance and more. Disruption Ahead.
As more technology emerges to sit between a company’s accountspayable (AP) platform and its vendor’s accounts receivable (AR) portal, service providers are looking to ease friction in a multitude of ways, from accelerating payments and cash flows to easing contract negotiations.
” Outsourcing some accountspayable processes, he continued, can allow a nonprofit to manage transaction data and ensure compliance with their payments without having to allocate a burdening level of resources to the challenge.
Broadening access to trade finance and small business (SMB) loans can help small suppliers that face lengthy payment terms from their large corporate customers to ensure operations (and cash) flow smoothly — even while they wait months to see an invoice settled. Solna , a new U.K.-based With the U.K.
AeroFund has formed AeroPay Express , a unit that provides virtual procurement cards that act as a line of credit to business payers, as well as vendormanagement services. Vendors pay a fee to accept the virtual card payment. We’ll get that done by providing immediate cash and pass along the savings.”.
The nonprofit industry has a lot to gain from this payment technology, claims a new whitepaper from vendormanagement consulting firm Vendor Centric. According to Vendor Centric, there are four key benefits for nonprofits when it comes to the v-card.
It can provide greater security and risk mitigation capabilities to a company, while others point to supplier management’s ability to lead to faster B2B payments. It may also help the accountspayable process operate more efficiently.
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