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This week's roundup of the convergence of accountspayable (AP) and accounts receivable (AR) takes a look at how B2B payments solution providers are considering both buyers and suppliers as a result of the pandemic. PayMyTuition Meshes Education VendorManagement With AP.
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.
To reshape how schools handle global business payments, payment processing provider PayMyTuition has rolled out an international vendormanagement module. Our innovative vendormanagement module will enable institutions access to a suite of international payment solutions that are directly integrated into their ERP and AP systems.”.
Efforts to modernize procurement and accountspayable are also opportunities for data integration with the ERP. The technology can automate tedious tasks, freeing up professionals to work on more strategic initiatives like vendormanagement, he said. Disruption Ahead.
” 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. “Organizations are looking for greater technology efficiencies,” he said.
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.
To provide non-touch invoice processing and support remote work, SoftCo rolled out its SoftCo ExpressAP accountspayable (AP) automation technology. launched its Semantik Invoice cloud-based data acquisition offering to automate accountspayable (AP) processes per news in May. In separate news, Ephesoft, Inc.
EnKash was aiming to reach startups with the credit card product, connecting small and medium-sized businesses with a revolving credit line to pay vendors, manage employee travel expenses, pay ultities and more.
The rise of the gig economy means companies can access a wide array of vendors, but an increasing volume of suppliers can lead to complications in the accountspayable department, the company explained, adding that the average large enterprise sees 90 percent of service vendorsaccounting for just 5 percent of overall spend.
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.”.
B2B payments today cause many significant challenges for AP/AR [accountspayable/accounts receivable] departments. Launched by AeroFund last year , AeroPay Express offers virtual procurement cards that link payers to a line of credit and vendormanagement solutions.
Companies are therefore reconsidering their accountspayable (AP) and accounts receivable (AR) strategies, including everything from how they place orders to how they pay for them. Vendors that want to reach business clients overseas must have the right strategies and tools in place to tackle various concerns.
government taking additional measures to combat late payments, it’s possible that FinTech firms may have an even greater availability of information about organizations’ accountspayable (AP) practices, particularly following the adoption of Open Banking and PSD2 regulations. With the U.K.
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.
Another major hurdle unique to the purchase-to-pay space is the process’s deep touch points with an array of other back-office functions within the enterprise, including vendormanagement, product sourcing, accountspayable, accounting, inventory management, contract management, manufacturing and distribution, and more.
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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