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Accountspayableautomation company AvidXchange is strengthening its position in the banking and financial services sector through the acquisition of BankTEL, the company said Tuesday (Aug. AvidXchange has reached an agreement to acquire BankTEL Systems, which provides accounting technology to banks.
QuickBooks is a popular accounting software for small and mid-sized businesses. Integrating QuickBooks with a compatible accountspayableautomation software helps finance teams digitize their entire APprocess. This is especially true when the process involves manual data entry.
We are thrilled to partner with OnPay [Solutions] and introduce our clients to the incredible benefits of accountspayableautomation,” said Lindsay Tsumpes , co-CEO of CapX, in the release. She said some organizations hadn’t evaluated the costs because they were “baked into” how they were looking at department expenses.
Bank’s latest offering for corporate treasurers aims to simplify the shift from manual to virtual B2B payments. 26) its latest tool, APConnector, as a way to automate and digitize accountspayable, while integrating that process into existing ERP systems. The bank announced Wednesday (Oct. Bank, reports said.
The drive to eliminate paper in the accountspayableprocess, to cut the steps that lead to inefficiencies, continues to get a boost from technology. But, as he noted, procure-to-pay processes involve manual labor across several steps.
Outsourcing key functions of the enterprise may allow professionals to finally turn their attention away from the minutiae of manual processes and toward more strategic, value-added activities. High vendor volume and supplier turnover rates, for instance, are among the biggest challenges to APautomation.
Accounting departments, for example, suddenly had employees accessing highly sensitive data remotely via home Wi-Fi, without the data security extant in office-based accounting as we’ve long known it. The report delivered particular insight into American businesses’ priorities as 66 percent of respondents were located in the U.S.
B2B payments company Comdata wants to streamline the process by which companies can enroll suppliers onto a virtual card program and is seeking a patent for its solution. Streamlined vendor enrollment means reducing check payments and less manual work for AP professionals, leading to cost savings, the company added.
Accountspayableautomation can provide an array of solutions to some of the most friction-rich business processes. From saving money by ditching paper to gaining a more sophisticated view of cash positions, AP solutions are adopted for different, often multiple reasons.
“As businesses continue to face a number of challenges and pressures, finance teams are being tasked with finding new ways to drive operating efficiencies and get more control over cash flow,” said Brian Greehan, head of B2B Solutions for Global Payments. “In Almost half (45%) of firms looking to hire anticipate hiring challenges and delays.
The firm added that the mobile device can smooth out the areas of accountspayable that take the most time, but to do so, APprocesses must embrace automation. According to Esker, that demand comes with an increasing need not only for transparency but for faster insight into the data AP professionals seek.
Wardwell said bringing all invoices — regardless of format — onto a single platform gives the buyer a more holistic view of payables and cash flow. With a nod to the partnership model, the Bottomline Technologies VP said FinTechs have helped drive the evolution of accountspayableautomation.
Danielle Simer, solution marketing manager at Hyland, said that a lack of change, in terms of how AP professionals are adopting effective automated strategies, could possible signal a lack of understanding about accountspayableautomation altogether.
In the B2B realm, the movement to get suppliers paid on time may become a struggle, mired as AP management is in the paper chase of manual effort. In the latest Topic TBD, Chen Amit, CEO of payablesautomation company Tipalti , told PYMNTS’ Karen Webster that automating the APprocess lets management focus on, well, managing.
It’s why Alan’s capabilities are limited so far: While the bot could potentially handle every part of the accountspayable (AP) process from start to finish, the industry would be more receptive to the solution if it could automate aspects of AP “piece by piece.”
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