Electronic Accounts Payable

How automation can improve your work life – and the business’ bottom line

While vast segments of finance management have gone electronic, accounts payable remains on of the last bastions of the paper world. The consequences to business are often significant.

How manual processes can impact your business

  • Manual invoice processing inflates time required and costs incurred
  • It increases the possibility of payment errors and fraud
  • Manual processes aren’t nimble enough to allow your company to take advantage of early discounts
  • Allowing time for payments to reach suppliers means tying up capital that could be better used growing the business

Some 70 percent of businesses believe electronic payments are important or critical to the success of the accounts payable department, yet 63 percent are still settled by manual cheques.1

Benefits of going electronic for the finance department

Switching from paper means that, at last, manual processes can be significantly simplified and streamlined. So finance managers can work more efficiently, and enjoy greater convenience when it comes to getting the job done. This also gives management the flexibility to reallocate resources as necessary, and save on resource costs.

Saving time, adding convenience and finding the right solution

Transitioning to a completely electronic accounts payable system can’t happen overnight. But a good first step is to explore the expense management solutions available to your company, like those offered by American Express Global Corporate Payments.

The shift to electronic payments could result in a cost savings of 40-50 percent for the business.1 And that could be the most compelling argument to make when convincing senior management to start the transition away from manual processes.

1Source: Impact of Payment Automation on the Bottom Line Savings . Aberdeen Group. May 2009. Read more or download white paper now.