The Top Five Reasons to Use an AP Payment Solution That Is Integrated With Your ERP
Whether or not our working habits have permanently changed from COVID-19, AP payment solutions can make your life dramatically easier. They let you avoid many of the problems of a paper-based accounts payable solution, from suffering penalties from late payments to manually cutting paper checks late into the night.
Simply put, AP payment solutions are here to stay. These products in and of themselves can make your life significantly easier. Not only that, but they can help your business save cash and maintain great relationships with your suppliers.
The news gets better, though.
You can significantly increase your productivity and eliminate headaches by using an AP payment solution that is integrated with your ERP.
Using a tool like Finexio, which has direct integrations with many of the most popular ERP systems and solutions, your accounts payable work essentially becomes seamless.
Why You Should Use an AP Payment Solution Integrated With Your ERP
Ultimately, there are plenty of reasons why leveraging an AP payment solution with your ERP is a great idea. That being said, we want to focus on the five most important reasons. Whether one or all five reasons resonate with you, you will quickly see how an AP payment solution integrated with your ERP will save you time and money — all while reducing your stress levels.
● There are quicker cost reductions. This is one of the most obvious benefits of using an AP payment solution integrated with your ERP. You will quickly be able to avoid wasted time, save cash, and start making even more money.
Regardless of the ERP system or solution that you use, you are probably spending most of your day using this system or solution. Whether it is QuickBooks, Workday, Microsoft Dynamics, or something else, these ERP solutions can help you stay organized and on track toward your business’s financial goals. Integrating them with an AP payment solution, however, you can send and monitor your AP payments within your preferred ERP solution itself. You can quickly see when upcoming payments are due, avoid late payments, and see how your cash flow is being impacted by these upcoming payments. Moreover, you can avoid the costly aspects of manually reviewing invoices and sending paper checks. All of these are real costs, and AP payment solutions integrated with your chosen ERP can help you get total visibility into your working capital cycle.
● They let you click one button to send all your payments (regardless of payment type). This is another key benefit of AP payment solutions integrated with your ERP. No matter the size or sector of your business, the payments process can be more complicated than you’d like. You need to track everything from due dates to your supplier’s preferred method of being paid. Even if you have a large team and use an accounts payable solution in isolation, this can take more time than you’d like.
Integrated with your ERP, however, your AP payment solution lets you send your payments with the click of one button. An AP payment solution like Finexio even understands how your suppliers want to be paid and automatically submits payment in that manner. This one-click feature can make your accounts payable team more efficient while building and maintaining great relationships with your suppliers.
● There is no internal cost to implement. For as great as AP payment solutions may be, some potential users still hesitate to move forward. Primarily, it comes down to switching costs. It may seem incredibly daunting to upend their entire accounts payable procedures to rely on a technology-first system. After all, we’re all busy, so it is easy to put this off for “another day.”
AP payment solutions integrated with your ERP solution, however, make the transition much more seamless. Workday, M3, or QuickBooks users, for instance, can already incorporate Finexio’s AP payment solutions within their workflow. It is already connected and just requires some simple setup to get started. To put it another way, there are no internal costs to implement Finexio’s AP payment solution with your already-existing ERP solution. This lack of internal costs is a true game-changer.
● Integration means simpler reconciliation. Integrating your ERP system with your AP payment solution also helps your back office minimize supplier onboarding and reconciliation. It’s yet another way to avoid manual labor within your accounts payable department. Sophisticated software like Finexio automatically makes it easy to close your books at the end of the reporting period and have the full confidence that your payables outstanding are accurate. Even better, you can complete this task all within the comfort of your company’s ERP solution. It is yet another way to become more productive and eliminate headaches in your daily work.
● You can shift from manual to automated payments in days. The shift from manual to automated payments can be dramatic. Automated payments free up your time while helping you avoid human error. By relying on AP payments software, you can get a granular look at your working capital cycle while having the confidence that your suppliers are being paid on time.
Even if you are still using a manual payables system, you are likely relying on an ERP system or solution. The good news is that you are halfway there. Ultimately, deciding on an AP payments solution that is integrated with your ERP means that you can quickly shift from manual to automated payments. After some initial setup, you will be able to capitalize on the power of automated payments. In the end, you will automatically deliver the right type of payments at the right time.
Increasing Your EBITDA and Cash Flow
Integrating your ERP solution with an AP payments solution is a positive step for your business’s future. It is a seamless and excellent way to improve supplier relationships, reduce headaches and stress in your back office, and increase your EBITDA and cash flow.
At Finexio, we are proud to offer an AP payments solution that has direct integrations with many of the most widely-used ERP systems and solutions. Some of them include Workday, QuickBooks, Microsoft Dynamics, Elite, and more. To learn more about how we can help your business, please click here.