You or your vendor can send invoices to us and we’ll do the data entry. You can also enter the data directly into the system. Whatever way you’re most comfortable, we can handle.
You tell us whose approval is required and what level of approval authority they have. We tell them when there’s something to approve—nicely, but persistently. And we make it very easy for them to review and approve—from anywhere in the world at any time, as long as they have internet access.
Payments are made according to your schedule, and via your choice of payment option. You can take advantage of offered discounts and ensure you’re never assessed unnecessary penalties. In short, you are managing your money in the most efficient way possible.
You never have to wait for reports. They’re yours on demand at any time—real-time views of any part of your workflow, so you can forecast and strategize with the best.
[Webinar] AP Function: Does Yours Have a Solid Foundation?
Tuesday, August 13, 2013
Automated AP Payments Processed
Automating Accounts Payable through a third-party, software-as-a-service specialist has tremendous advantages for most organizations. While migrating to an automated approach to accounts payable was formerly thought to yield immediate efficiencies only for the largest and most complex scenarios found in large, global corporations, there are many reasons for the small- and medium-sized enterprise (SME) to automate their Accounts Payable departments, most compellingly in a secure, online, 24/7 available model. When the services of a specialist offering both proven software solutions and deep staff expertise can be contracted with minimal up-front costs, affordable fees and an almost seamless migration to the new system, there is very little to argue against the efficiencies—and cost-savings—of a process that eliminates most paper, allows for better cash-flow management and keeps in place all existing invoice approval authorities. Those with the power to approve can be anywhere in the world and, if they have access to the internet, can review and approve and generate an online payment.
Not all payment needs are as simple as one invoice in and one payment out. Or even several invoices consolidated and paid with a single paper check or EFT. Shared patents, royalties, licensing fees and other non-traditional revenue arrangements are more and more common today. As complex as they are (and often with margins that are fractions of cents), it is critical that they are processed in an automated, streamlined and cost-efficient manner. Creating an in-house solution for these out-of-the-ordinary payment scenarios is certainly not the answer—the time and money dedicated to such an endeavor would have too long a payout, and there is no real business case to do so. And a purely off-the-shelf software solution would require such extensive customization that it becomes, in reality, a homegrown program. Over and over again, the business case for payment processing of these complex, non-traditional yet critical accounts payable situations points to using the third-party expertise found only in an automated AP specialist.
The case for tax compliance and tax payment processing being handled by two separate but complementary specialists is a compelling one. Outsourcing tax compliance is almost a given today for organizations accountable to multiple taxing authorities. After all, there are roughly 10,000 tax jurisdictions in North America alone. And while the great migration to electronic payments has brought welcome efficiencies, it has come at the cost of accepted standards. In most cases, only the tax compliance specialists at recognized CPA firms have the expertise to handle these complex tax management challenges. Regulated as CPAs, they are deeply conversant in issues surrounding Sarbanes-Oxley legislation and would be powerful advisers and allies in the case of a possible audit. However, while some compliance teams also handle the payment processing, more and more firms—and especially the larger accounting firms handling the most complex compliance issues—are choosing to work with a tax payment processing specialist to handle the actual delivery of returns and payments to the taxing authorities. They recognize the value of teams working within their core competencies. It is the compliance teams themselves, understanding both the risk of penalties inherent in late payments and the tremendous value of just-in-time payment for their clients, who insist on a complementary pairing of true specialists that can deliver the greatest value with the lowest risk. So whether it’s property taxes, sales and use taxes, excise taxes or other more arcane taxes, choosing separate compliance and processing specialists is the recommended approach.