Power your business growth with digital payment solutions
How digital payment technologies and process automation are helping businesses capitalise on stronger growth opportunities Many financial professionals would agree that their roles can be pretty tedious when it comes to processing and chasing invoice payments. This is largely due to businesses still relying on out-dated, time-consuming manual processes. Ensuring invoices are paid on time is a core function of any accounts receivable department, but when customers pay late it not only wastes key resources to follow up, it makes balancing cash and accessing working capital extremely difficult - and limits growth in the long term. Today, more than half of B2B payments are still processed late, costing Australian businesses, on average, $115 billion every year. Companies are also spending about 520 hours per year on accounting and administrative tasks, including manually processing invoices and payment reconciliation. But relying on slow and often manual payment processing and account reconciliation methods imposes a range of risks, including:
- Ongoing cash flow problems
- Inefficiencies across business systems
- A lack of accurate data for informed decision-making
So what’s the solution?Implementing digital systems that deliver more efficient business processes and facilitate easier, faster and more secure payments.While businesses might understand the benefits of implementing digital payment solutions, many still continue with legacy systems because these work well enough. But is well enough really good enough? And will that enable businesses to reduce costs, optimise efficiencies and take advantage of growth opportunities in the long-term? Probably not. Businesses that implement integrated technology solutions and modernise their payments infrastructure can better maximise their ROI. This includes automating accounts receivable and accounts payable processes, streamlining reporting and reconciliation, and optimising other business areas such as procurement and credit management. An automated B2B payment solution, for example, can enable businesses to reduce their invoice processing time by 74%. Other benefits include:
- Getting paid faster: Shorten your invoice-to-pay lifecycle, lower credit risk and improve cash flow management.
- Staying ahead: Maintain your competitive advantage by providing customers with access to an innovative e-invoicing and integrated payments platform.
- Automated reconciliation: Boost data integrity and benefit from quick financial integration and better transaction transparency between buyer and seller.
- Unlocking growth: Automate your business processes, optimise reporting and become a more strategic player.
Spenda is a business ecosystem that facilitates the seamless transfer of both operational and financial data between businesses as they buy and sell from each other. To learn more about Spenda and how we can help you transform the way your business trades and gets paid, download our free whitepaper or visit our website.