Optimize Payment Processes to Increase Cash Flow

Thursday, June 24, 2010 by Julie Stankey

In its recent survey of more than 160 companies worldwide, The Aberdeen Group found that businesses adopting electronic payments and process automation to streamline and accelerate finance processes have been able to achieve a 16% decrease in accounts receivable (AR) processing cost, and a 14% decrease in accounts payable (AP) costs.

These businesses cited two primary pressures they faced which caused them to look for improved payment processing options:

Corporate mandates to reduce overall payment transaction costs, including both staff and processing

Stakeholder demand for improved operational efficiency and reduced reliance on paper documents

If you are feeling this same pressure or are looking for ways to reduce your processing costs, one way to accomplish this is to integrate an electronic payments solution with your account, enterprise resource planning (ERP), or other financial software. 

According to Aberdeen, 50% of best-in-class companies integrate their electronic payment solutions with their financial systems, while, 39% identify a lack of integration between electronic payments and accounting systems as a barrier to increased electronic payments.

To find out what your electronic payment processing options are and how to integrate an electronic payments solution with your current ERP solution, contact Socius for a complimentary business strategy assessment.