From small to medium-sized businesses, the consensus is that managing the accounts payable processes is a nightmare. The processes involve reconciling physical invoices that come through the mail, searching through individual emails to collate invoices, ensuring the invoices are accurate, signing a couple of checks for the physical invoices, and making digital payments to complete the process. The tedious process creates room for human errors and inefficiencies that negatively impact businesses.
And what’s the major negative impact? For SMBs, inadequate accounts payable management is responsible for the failure of approximately 80% of these enterprises. As you probably know, misplaced payments lead to reduced trust and accountability which vendors do not like. Hence, choosing the digitalization route to centralize and streamline your accounts payable responsibilities eliminates the errors and forgetfulness associated with the process.
Digitalization: The Ideal World of Accounts Payable
The Ideal world of managing the accounts payable process relies heavily on digitalization, automation, and centralization to eliminate human errors and tedium that comes with managing invoices. First, a centralized system monitors messaging channels to keep track of every invoice sent to your sales and marketing team. The centralized system automatically transfers the right invoices to the right people for approval, ensures the invoices match given quotes, and provides notifications stating that payment details are correct. Next, the system seeks authorization to issue payments via physical or e-checks to vendors and track their delivery. Finally, all financial statements are automatically updated and stored within the system for the next rounds of payment. It accomplished all these in real time.
Although digitalization has been introduced to accounts payable with considerable success, achieving a completely autonomous process is not yet feasible. Digitalized solutions such as TROY FlexPay help bridge the gap between the real world and the idealized world through automation, a centralized platform, and the provision of real-time visibility into the process.
Automating Accounts Payable with TROY FlexPay
TROY FlexPay is a centralized accounts payable solution that makes it easier for your business to gather its invoices within a digitalized system, reconcile these invoices with given quotes, and make payments according to your vendor’s specific requirements. To manage the accounts payable process, the app leverages automation to simplify data entry and send timely notifications to decision-makers. The app's reliance on automation also makes it possible to spot potential errors such as account differences and miscalculations using available data from previous transactions or available invoices.
Collecting accounts payable information is just the first step to easing your payment processes, the second step involves TROY FlexPay’s capabilities to centralize payment workflows and provide your treasury with a single source of truth. Centralization ensures that all invoices, no matter how they are delivered, are centrally stored, and can be accessed by individuals with authorization. The workflows are then assigned to the right individuals to seek their approval which may be flagging possible issues or approving payments.
Another power feature of the accounts payable app is its synchronization with your accounting software such as QuickBooks. TROY FlexPay integrates seamlessly with QuickBooks Desktop and Online solutions to secure your payment options. The centralization, automation, and synchronization with QuickBooks ensures you can eliminate approximately 60% of the time spent managing account payable processes.
Optimize and Secure Your Check Payments with TROY FlexPay
Now, it goes without saying that a few payment apps, as you probably already know, may offer some of the above-listed features but here is where TROY FlexPay differs. The app unites the use and creation of digital checks or physical checks to make payment while securing the entire process.
A key feature of TROY FlexPay is its ability to support the check creation process. Utilizing the digital check payment features enables your business to link its vendor bank accounts and to create checks targeted at them. With the addition of this feature, what you get is a centralized workflow showcasing: vendor invoice, amount payable, vendor account, and the check dedicated to the payment in one window or page and in real-time. You can also choose to create secure physical checks by using the app to print checks on blank stock at need.
The payment and check creation process also comes with security to ensure bad actors do not exploit any IT loopholes to defraud your business. These security features include 2-factor authentication and micro-deposit verification that reduce check and payment fraud.
TROY FlexPay unites the world of digital and physical check printing to give you and your vendors the option to decide which payment structure or option they prefer. We are proud to support small and medium-sized businesses to ease your accounts payable challenges and the TROY FlexPay app is built leveraging our decades of experience with simplifying and securing payment processes. You can try TROY FlexPay today for free before deciding. SMBs get a 30-day free trial option to get familiar with its features.
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