While Ardent admits that AI is very hyped at the moment, the way that it enables practitioners to exponentially leverage technology https://demo.tggroup.my/2021/05/13/nonprofit-bookkeeping-tax/ provides a force multiplier previously unimagined. As we’ve often seen in our industry, uncertainty brings opportunity to those who are ready for it. Unfortunately, the report shows that 65% of AP departments are operating without a strategic plan, which makes opportunistic readiness more difficult to achieve. At the same time, AP leaders more universally do have strategic priorities, and high on that list is implementing AP automation solutions. EPayables offers benefits to both buyers and vendors, yet in many cases, one or both sides are reluctant to utilize the technology. If you’re still using a manual accounting system to process payables or a mixture of multiple software applications, you’ll be unable to utilize the ePayables system since it’s built on automation.

Prepare a Business Plan

Since the beginning of 2018, Matt has guided the company through three acquisitions that position Corcentric as a global leader in Source-to-Pay and Order-to-Cash solutions. Apps like PayPal then entered the picture, along with mobile payments and digital wallets, where payments could be completed from an electronic device such as a smartphone or tablet. EFT and ACH payments also quickly became the favored payment method for payroll direct deposit.

Domestic payments

Enhance operational efficiency and unlock new revenue streams with accounts payable automation. Optimize working capital, automate payments, and maximize rewards with flexible, digital solutions. Organizations of all sizes can pay approved invoices and make on-demand payments simply and securely. Prior to founding AmeriQuest, Doug was President of Amtralease, a national association of independent full service truck leasing companies. A Certified Public Accountant, Clark was a Vice President and Director of Drexel Firestone Inc., an investment banking firm.

Virtual cards focus on specific transaction types

• We recommend you review their information collection policy, or terms and conditions to fully understand what that business collects.
• Our platform and team of experts empower you to secure the best payment terms, negotiate lower processing fees, and maximize credit card rewards.
• By replacing manual, fragmented workflows with secure, automated transactions, finance teams can unlock measurable improvements in cost, efficiency, and control.
• Today the market has shifted with suppliers vying to host their own catalogs and encouraging buyers to use them.
• In a business environment that stresses efficiency and smart cash management, investments in ePayments and eInvoicing have the clearest path to achieving these goals.
• On the other hand, a phased, thoughtful strategy—grounded in collaboration, data, and communication—can accelerate impact and long-term success.

Mizuho’s Commercial ePayables Card service is managed within the organization’s treasury management group and is a valuable component of Mizuho’s overall Cash Management solutions suite. Our Commercial Card service offering delivers a very competitive Virtual Card offering to help solve the needs of our treasury management clients. Once current-state processes are captured, it should be much easier for AP groups to measure their key performance and operational metrics. This can include invoice volumes by segment, metrics around invoice accuracy, and performance (accuracy and timing) within each phase. The Ardent framework can then be used to determine which category of solution provider to investigate further. It takes time and effort to build a business case for investments in automation, but having an understanding of the framework of the AP function will put your department on the right path towards a transformation project.

Vendor messaging

There are several types of strategic payment solutions available under the GSA SmartPay® 3 Master Contract. Doug Clark has served as Founder, President, Chief Executive Officer, and a Director of Corcentric (formerly AmeriQuest) since 1996. His professional experience includes stints in public accounting, investment banking, and as a technology and transportation entrepreneur. Organizations must implement secure payment gateways, encryption protocols, and multi-factor authentication to ensure the integrity of their transactions.

Reduces Processing Costs and Streamlines Payment Administration

• That’s why, in today’s rapidly evolving global landscape, AP organizations are seeking innovative ways to optimize their operations to increase workflow efficiency, streamline payment processes, and grow business impact.
• Supplier enablement encompasses efficient supplier onboarding and streamlined payment processes that foster positive relationships between businesses and suppliers.
• The bank will then process the A/P file and find the specific card numbers to add money.
• Once you’ve developed your business plan, begin reaching out to suppliers to get them on board.
• This ensures all details are captured early, allowing the AP team to process the invoice efficiently and avoid delays or errors.

Fewer tasks saves your team’s time and resources, so you can get back to Online Accounting growing your business. While you’re focused on the big picture, our unified commerce engine keeps payments moving and our supplier enablement team works on your behalf to get your suppliers enrolled. Our platform and team of experts empower you to secure the best payment terms, negotiate lower processing fees, and maximize credit card rewards.