Analytics and reporting is all the rage in corporate boardrooms.
Businesses want to know where they stand with their cash at any moment. It is no wonder that more businesses are rethinking how they track and report on supplier payments. A study published by Ardent Partners finds that 40 percent of businesses rank improving supplier payment reporting and analytics as a top priority.
Visibility into supplier payments is essential for:
- Cash flow analysis
- Liquidity management
- Spend management
- Contract compliance
- Supplier relations
The problem is that most businesses are flying blind when it comes to payments reporting. The reason? They continue to pay suppliers with paper checks. Paper payments limit visibility in several ways: key data is not captured, data is hard to access, data is not readily available, systems are fragmented, and decision-makers cannot access critical variables.
But it doesn’t have to be this way.
The reporting provided by electronic payments solutions provides real-time insights into enterprise spend, accounts payable cash flow, and accounts payable process metrics. Graphical dashboards enable authorized users to drill-down into payments data for specific business units and locations.
Electronic payment solutions also track approved and initiated payments, as well as any rejects, with detailed payment and reconciliation reports integrated into the buyer’s ERP system. This end-to-end tracking enables more accurate accrual reporting, greater payment reporting integrity, and better visibility into spending based on the metrics that are most important to the business.
The transparency provided by electronic payments also extends to suppliers. Electronic payments provide suppliers with reliable visibility into when electronic payments will arrive, as well as the rich remittance data required to simplify reconciliation and eliminate inquiries regarding invoice status.
Ready to take off your blinders? Contact ACOM Solutions today!