to Increase Profits
Turn Your Accounts Payable into a Profit Center
Watch Your Business Grow by Automating Supplier Payments
A major challenge for CFOs is to develop strategies for faster business growth while also managing finances and keeping costs in check. It can be pretty tricky.
Fortunately, there is an easily implementable solution that will help you meet that challenge: automated payments to suppliers.
It’s a smart move that savvy business leaders are discovering, because it will transform your accounts payable into a profit center.
Benefits of Automated Supplier Payments
Increase profit margins
Capture more early-payment discounts
Earn cash-back rebates on supplier payments made via card
Gain real-time visibility into outbound cash flows and corporate spending
Four Steps to More Profit
There are four steps that CFOs can take to transform their accounts payable department into a profit center.
1. Pay Suppliers Electronically
Electronic payments are a strong foundation for working capital optimization initiatives. Even better, automated electronic payment processes cost 60% less on average than their manual paper-based counterparts.
2. Enhance Visibility into Outbound Cashflow
Your accounts payable departments will become an information hub that provides critical insights into cash flows, corporate spending, and operations performance.
Spend- and supplier-specific data can be leveraged to identify spend trends and patterns, support future supplier negotiations, and can determine how well-positioned a company is to take advantage of supply chain financing options.
3. Accelerate Cycle Times
Accelerate invoice approval cycle times will create more opportunities to capture early payment discounts from suppliers. The savings from early payment discounts add up – and will more than offset accounts payable overhead.
4. Earn Cash-Back Rebates
Capture cash-back rebates on payments made via a virtual card – plastic-less cards tied to a single transaction. Businesses commonly earn cash-back rebates on 30 percent of their spending. In fact, one real estate company earned $800,000 in cashback rebates in one year on virtual card transactions.