The more integrated and automated your payment system, the more strategically you can spend. This goal is increasingly important as you try to stretch out your cash to get through the pandemic, payment specialists said in a CFO.com webinar.
You’re not using your finance team members’ time efficiently if they have to go into the office to get invoices to pay suppliers, said Kelly Moore, director of global business development for American Express.
It makes more sense if those invoices come into your system electronically and if the end-to-end process for paying them — matching them with the purchase order, getting payment approvals, and so one — is integrated into a single automated system.
“Automation has become much more of a need because of the pandemic,” she said.
Only about 8% of organizations have a fully automated payment system, but that could increase as remote-work exposes inefficiencies in companies’ systems, Moore said. In data American Express collected, 86% of organizations say payment automation is a priority. The credit card company is involved in the business-to-business payment industry through a virtual card product it sells to finance organizations.
Source: CFO Dive