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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.
One of the largest is in corporates’ struggle to manage the growing number of back-office solutions in place, while managing the pain point of aggregating data across these platforms and consolidating it. Efforts to modernize procurement and accountspayable are also opportunities for data integration with the ERP.
.” As one can imagine, paper checks don’t support this type of transaction data management as well as other payment technologies could. “There is still a significant number of [nonprofit] organizations paying vendors by check,” Murphy noted.
To provide non-touch invoice processing and support remote work, SoftCo rolled out its SoftCo ExpressAP accountspayable (AP) automation technology. SoftCo says it only takes hours to install the software, which provides an unlimited number of users and doesn’t have upfront costs, is offered on a monthly basis.
The virtual card has gained attention in recent years for its ability to not only digitize corporate payments but to safeguard them, often coming in the form of a one-time-use card number designated for a specific purchase category and value. According to Vendor Centric, there are four key benefits for nonprofits when it comes to the v-card.
“To be competitive in the P2P space today, especially at the mid- to high-end of the market, the investment would be millions of dollars and a number of years of development,” he said. “By By the time the solution was commercially available, it may not be competitive or cost effective.”.
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