Automation is the new normal. With the digital wave encompassing the world in its grasp, no industry can afford to lag in terms of automated operability. No matter what kind of business- big or small, automation helps unlock greater insights into the business model, thus allowing scope for further enhancement to optimize workflow and make it the most efficient. FinTech is the leading source of change with its sophisticated solutions that make commercial payments much easier. While many businesses still function with legacy tools, many small and medium-sized businesses are looking to upgrade to newer technologies early on in the life cycle so that they can stay the latest in the industry with higher throughput than their contemporaries.
With consumer trends shifting from cash to plastic to digital platforms, automating your business payments can benefit you in multiple ways. Let's take a look at some of the benefits that you can enjoy by automating your Accounts Payable and Accounts Receivable by investing in a digital platform for B2B payments.
Automation saves time. Most of the AP processes take days because of cumbersome middle processes like generating quotations, purchase orders, invoices, getting approvals from the various departments, getting bank guarantees and sanctions. To top it off, cheque payments take days, sometimes even weeks to clear. The same process is repeated in AR where the client takes the same amount of time to process your payments. With an automated B2B payments platform, a lot of time can be saved by simply getting approvals digitally in a matter of seconds. These platforms also come with the functionality of digital payments so you can make and receive payments from a single platform with complete visibility.
With an automated B2B payments platform, you not only save a lot of time in processes but also in correcting mistakes that are made when payments are handled manually. Paperwork is seldom immune to errors. With a digital platform, you bypass human intervention which not only just speeds up the process but also makes it fail-proof.
Sustainability is the mantra of the world that's inching towards eco-friendly practices day by day. No matter what your nature of business, leaving behind a large paper trail does not look good on your ethical chart. Reducing carbon footprint is one of the key goals of industries worldwide, and automation helps you achieve that. By automating your AR and AP, a lot of redundant manual paperwork is completely skipped as everything happens digitally.
For a business to grow, compliance is key. Staying compliant with the ever-changing legislation and laws of RBI is crucial. It is necessary to regularly audit and goes over your business books with a fine-tooth comb to ensure no loopholes are being exploited and money goes where it is supposed to and comes from where it is supposed to. Auditing a digital database is much easier than auditing a 1000-page bookbinder that is prone to manual calculation errors and incorrect data entry. A digital B2B commercial payments platform comes studded with state-of-the-art compliance capabilities that can alert the user when things seem out of line.
One of the advantages of going for an automated B2B payments platform is that it can be altered to suit your every business needs. The software can be tweaked to include tailor-made solutions for all your commercial payment woes. You can add and remove functionalities on a need-be basis through the lifecycle of your usage so that you always stay up-to-date with additions in the field of digitization.
Investing in an automated payments platform may seem expensive at first but you will reap its benefits for years to come. For a business that is in either the inception or initial growth stage, such expenses might seem unnecessary but it is always better to embrace digitization early on in the business lifecycle rather than incorporating it after you have become comfortable with legacy solutions. These digital platforms come with no added cost and are extremely easy to use with their plug & play feature.
Visibility is necessary for the financial chain of events. To understand how much working capital is available in the business right now, it is important to monitor the cash flow. An automated AR and AP system allows easy visibility in the finances so you have all the information on a single screen that answers all your questions about all incoming, outgoing, and balance payments. Keeping track of AR and AP puts you in a powerful position to make important business decisions so that your business never runs out of cash.
In this new normal way of working post the pandemic hit us all, remote working has been gaining massive popularity. Executive decisions are being made sitting at home. From sales to marketing, everything is being handled by people placed at remote locations from purchases to payments. In such a scenario, legacy payment methods would fail. A digital AR and AP platform can help process payments faster and make collections much easier. If an employee can work from home from a single touch-point which gives him access to centralized data and get sanctions digitally, it boosts morale and builds faith in the company's work culture. Remote working is all the rage now. Enabling your employees to make executive decisions from anywhere in the world makes your business smarter, more efficient, and dependable.
Make your commercial payments smarter and quicker with EnKash! EnKash is a corporate cards and payments platform that can completely revolutionize the way you pay! From expense cards to purchase cards, from digitized AR & AP to integrated accounting software, EnKash is a one-stop solution for all your commercial payment needs. Predict cash flows and make insightful business decisions with EnKash. Cut your business expenses by 60% with EnKash. Do not believe us? Call us for a free demo and sit back as EnKash makes life easier for you!