Achieving Optimal Operational Performance Through Accounts Payable Automation
Ach Payment Vs Credit Card
Organizations face multitude of challenges when attempting to improve their operational performance. Accounts payable automation is one avenue to achieve optimal performance. Comparing ACH payment to credit card payments provides clear advantages to organizations implementing accounts payable automation software.
Benefits of ACH Payment Versus Credit Card
There are three compelling reasons to favor Automated Clearing House (ACH) payments over credit card payments while automating accounts payable. The first relates to cost savings. ACH payments are typically less expensive than credit card payments; as such, an organization can save on both convenience and transaction fees. Secondly, ACH payments mitigate the risk of fraud, as credit cards are more prone to digital theft and fraudulent purchases. Lastly, ACH payments are quicker in terms of clearing, so organizations can expect faster reconcilments when utilizing accounts payable automation software.
Improving Efficiency with Softwaresolutions
Softwaresolutions are paramount to the success of an accounts payable automation system. The right Softwaresolution will provide organizations with the agility to customize their systems according to their own needs. Payment methods such as ACH, credit card, and check will all be managed within the platform, allowing for streamlined reconciliation process across different payment options. Also, automation tools for invoice management, approval routing, and document exchange (EDI) will facilitate efficient transactions and safeguard against time-consuming and costly errors that can arise from manual entry.
Analytics and Reporting
The ability of software to quickly generate progress reports provides layer of transparency and accountability for organizations looking to improve their operational performance. C-Suite executives are empowered to make informed decisions when considering payment methods and accounts payable analytics help fine-tune the accounts payable process. Through analytics, organizations can detect inefficiencies in their existing process in order to enact positive changes while streamlining the entire automation process.
Conclusion
When executed properly, automating accounts payable with ACH payments rather than credit cards can provide immense cost savings, reduce the risk of fraud, and improve the overall efficiency of the system. Organizations can leverage the right automated accounts payable software to improve the accuracy of their accounts payable process and equip their C-Suite executives to effectively report on the performance of the system.
