Payments and Remittances

Introduction

Even though accounting teams can have a suite of tools available, they still spend a great deal of their time manually processing transactions, issuing payments, and reconciling financial data from multiple disjointed sources. Implementing an automated payment solution can eradicate these inefficient practices, reduce bottlenecks, and improve the bottom line.

Typical Problems

Manual payment and remittance processes are tedious, time-consuming, and error-prone, tying up the finance team and creating bottlenecks that can delay payments, which in turn impacts reputation as well as driving unnecessary and negative communications, and generating friction.

Labour-intense tasks such as process alterations, remittance layout adjustment, and updating bank payment files become frustrating and time-consuming as they require additional technical support and development.

Solutions

A cloud-based payment solution can reduce manual tasks and speed up the overall process with the implementation of an automated payment module with multi-currency, multi-entity, and multi-dimensional capabilities.

Management of the supplier details can be fully tracked, and workflow approvals can be implemented to ensure data compliance and security.

Benefits/ROI

With modern cloud-based solutions, there is less manual intervention required, and a reduction of errors as the information will only be keyed/scanned in at one point driving greater efficiencies across the entire process and also reducing your FTE requirement.

Integrated workflow and reporting tools give the finance team complete visibility and traceability of the entire process allowing for quicker resolutions.

This also provides the business with the comfort that there is control over the payments process ensuring the correct procedures are being followed and adhered to, reducing costly errors and potential fraud.

Ultimately, reducing the overall time taken to “close the books” at month-end and improving efficiencies across the finance team and speeding up the time-to-cash.