Fast, accurate cash flow management and reporting mean more in times like these.
But poorly integrated finance systems make it hard for CFOs and controllers to know where things stand with their payables, which have an outsized impact on a company’s cash flow. The problem is that most businesses rely on a hodgepodge of point solutions and closed-loop networks each with its own logins and passwords, account requirements, file formats, and proprietary integrations.
The result of these loosely integrated systems is payment and data silos. Finance staff waste lots of time logging into bank portals, rekeying data, shuffling paper, chasing down information, creating and managing spreadsheets, reconciling bank statements, and rolling up reports from business units.
Staff waste lots of time on manual, repetitive tasks.
Determining the status of payments is a burden.
Cash forecasting is complicated.
The financial close is a nightmare.
Navigating turbulent times requires finance leaders to have better visibility across payments systems.
That’s why more businesses are embedded payment solutions into their legacy software and ERPs.
Embedded payment solutions provide a single platform for seeing all a company’s outbound payments to suppliers and individuals, regardless of the payment type, payment rail, or originating bank account.
- Immediately, decision-makers can see the status of all pending, scheduled, and completed payments.
- Drill down into the invoice line-item detail of payment, access supplier payment terms, sort payments by supplier, due date, amount, and other criteria.
- Access supplier payment terms, see where suppliers stand in the onboarding process and review historical payment information.
With an embedded payment solution, business intelligence on outbound payments becomes more reliable and accessible. CFOs, controllers, and other finance leaders can instantly access insights that are crucial to financial decision-making. Treasurers can quickly research how suppliers are getting paid to uncover opportunities to optimize electronic payments.
Accounts payable leaders can more tightly manage their operations to avoid potential late payments and to capture more early pay discounts. Staff can even see when a Real-Time Payment (RTP) to suppliers has been completed. Minimizing the need for manual research can improve efficiency and reduce operational costs.
The visibility provided by an embedded payment solution enables businesses of all sizes to plan, forecast, report, and analyze without the need for complicated and costly custom reporting tools.
It also frees up a finance team to spend more time on strategic growth-generating activities.
A single view into payment data does more than just improving operational efficiency. It improves decision-making.
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