B2B Finance Thrives with Automation
For businesses, the AP (accounts payable) department is designed to deploy, account for, and control the money that companies spend to drive growth. The AR (accounts receivable) department is in place to ensure that all incoming payments are received and processed on time and accurately. And yet, both functions are often labor-intensive, expensive, and inefficient.
Digital Innovation Makes the Difference
Ditching paper workflows for automation can greatly streamline both the AR & AP departments of any company.
To help solve this problem, many B2B companies are adopting an automated system with which they can streamline and improve both AP and AR functions and enhance their overall financial performance. Using software to manage all data and see it all in one place saves financial departments time on manual processes enabling them to concentrate on tasks that boost growth.
PYMNTS research found that firms with a software system that consolidate the financial processes take less time to do manual tasks than those who do not have such a system. Companies that have a consolidated software system spend 13% of their time on manual tasks in contrast to those without one who spend 24%.
Working More Efficiently
Due to the considerable costs and frictions many are experiencing, businesses are interested in having one system that would allow them to manage different types of spending while enabling AP & AR teams to work more efficiently.
Beyond the greater efficiency and the cost savings that comes with a consolidated financial management system, there is a priceless benefit for the financial and accounting professional who is looking to make sense of up-to-the-minute payments related information.
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