4 ways technology can help streamline accounts payable

In today’s world, technology plays a significant role in streamlining and improving the accounts payable process. Managing and tracking the payment of invoices and bills has never been easier with the latest cutting-edge tools and software.

See four key ways in which technology is reshaping the process:

1. Automation. Accounts payable processes were traditionally highly manual and time-consuming. However, automated tools can help streamline tasks like invoice data entry and approval workflows. Not only can this reduce errors and save time, but also skyrocket efficiency. This enables employees to focus on more value-added tasks and increases overall process efficiency.
   
   
2. Electronic invoicing. Instead of dealing with paper invoices, electronic invoicing allows for the direct submission of invoices electronically. This speeds up the processing time and reduces the risk of lost or misplaced invoices.
   
   
3. Integration and connectivity. Technology enables seamless integration between your accounts payable software and other financial systems, ERPs, and databases. This synchronisation eliminates the need for duplicate data entry and ensures accuracy across platforms. This integration also facilitates real-time updates and enhances overall visibility into your financial operations.
   
   
4. Analytics and reporting. Technology can provide insights into the accounts payable process, such as payment trends, early payment discounts, and areas for improvement.
   
   It’s not just technology that could transform your accounts payable. Consider how switching your payment operations could reduce time and costs for your team and business.
   
   By seamlessly integrating with your accounting software, Caxton provides an efficient way to manage supplier payments. Say goodbye to the hassles of manual reconciliation and complex logins, as our multi-point payment system simplifies all payment processes in your team.
   
   Benefit from our Faster Payments solution, which could take three days off your payment schedule, allowing you to retain control over your cash flow for extended periods. Or our multi-currency solution – where your business can receive and hold up to 30 currencies, reducing exchange fees to pay in same-same currencies or saving your funds to exchange at the best possible rates. Caxton accounts payable offers the flexibility you need to manage your finances effectively.
   
   Security is a priority. Set your approval workflows to maintain the utmost payment security, giving you peace of mind in your financial operations. Famous for our bank-beating fees, we also beat them on service. Your dedicated account managers are always ready to provide five-star customer service whenever you require assistance.
   
   Caxton goes beyond just offering a service; we’re a partner in driving business efficiency. Our seamless API integration further enhances your experience by embedding our functionality directly into your business processes.
   
   

With Caxton, you can seamlessly and instantly settle payments for suppliers and staff. Ready to experience the benefits of our solutions? Book a no-obligation call with us today.