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Top 5 Benefits of Accounts Payable Automation and Electronic Payments

Published: March 02, 2017  |  Author: Kelly Atchley  |  Categories: B2B e-Payments, Accounts Payable, AP Automation

improve accounts payable

According to a recent survey of controllers conducted by the Institute of Finance and Management (IOFM), accounts payable topped the list as the most time-consuming, laborious and paper-intensive finance and administration function — ahead of even payroll, tax and audit. The same controllers stated that accounts payable is a top priority for improvement this year.

It’s no secret that accounts payable automation and e-payments turn labor-intensive manual processes into more efficient ones that ultimately reduce costs. But for most organizations, part of the process to automate accounts payable and embrace e-payments is convincing both C-suite executives and AP staff why now is the time to automate and migrate away from manual processes and check payments.

If your organization hasn’t implemented AP automation and embraced e-payments yet, here are the top 5 benefits you’re missing out on:

  1. Lower processing costs.
  2. Improved cash flow.
  3. Streamlined processes that improve efficiency of invoice payment.
  4. Improved AP department morale.
  5. Increased income through rebates based on transaction volume.

Plus, automating previously manual processes means your AP department will have more time to focus on tasks that actually generate profits. Twitter_icon-1.png 

The two case studies below illustrate how two organizations implemented AP automation and realized these top 5 benefits, and more.

Case Study: Eastern Shipbuilding 

A U.S.-based marine construction and repair company, Eastern Shipbuilding successfully implemented EnCompass®, the automated e-payments platform for accounts payable, in June 2015. Within six months, Eastern Shipbuilding had made over $4 million e-payments on the platform — payments that had previously been made by check. And according to the company’s CFO, electronic card transactions are now Eastern Shipbuilding’s preferred payment method. Read the complete case study here.

Case Study: Navicent Health 

Navicent Health is a full-service acute care hospital in the southeastern U.S. In 2010, Navicent Health chose to automate accounts payable with AOC’s EnCompass®, an electronic payment platform that could handle paying millions of dollars in supplier invoices each week. Plus, the hospital wanted a platform that could more efficiently handle the its high invoice volumes and generate income on spending through electronic card transactions. And since implementing the platform, the hospital’s assistant controller said that using EnCompass for e-payments has freed up staff to focus on other AP tasks and projects. Read the complete case study here.

Learn More

To learn more about the benefits of automating accounts payable and implementing e-payments, check out our white paper in partnership with IOFM, 5 Ways to Increase Performance and Improve Processes in Accounts Payable.

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Kelly Atchley

As Senior Vice President of Strategy and Business Development at AOC Solutions, Kelly Atchley is responsible for developing and managing business strategy between the Business Development, Marketing and PR work groups for the AOC Commercial Payments and 3Delta Systems lines of business. Prior to joining AOC, Kelly served as Credit Card Issuing Manager and Group Vice President at Synovus in Columbus, Georgia. Kelly holds an MBA with concentrations in Finance and Accounting from Crummer Graduate School of Business, Rollins College; a master’s degree in Public Health and Environmental Health Science from the University of Alabama Birmingham; and a bachelor’s degree in Environmental Health Science from the College of Civil Engineering at Auburn University.