The way your warehouse is making vendor payments may be slowing your business down. There are opportunities to create operational efficiencies and to facilitate payments better and faster. Organizations across the country are adopting new electronic payables programs. Learn about five ways your warehouse can save time and resources with an electronic payables program.
1) Uncover Operational Efficiencies
Use electronic payments for vendor payments.
Save time through automated payments
Perform perfect reconciliation through tools like ExactPay
Decrease procurement costs to save money
2) Throttle Down on Cash Discharge
Regulate the speed at which money leaves your business.
Selectively paying mature invoices
Negotiate payment terms and pay less for operating costs
Take advantage of float time and pay later for goods/services
3) Implement Payment Security
Prevent loss, theft and headaches down the road.
4) Leverage Smart Analytics
Understand where your money is going—knowledge is power.
Leverage annual spend to negotiate with vendors
Confirm payments and gain a clear understanding of when money goes out the door
Make smarter decisions to achieve a better business position
5) Increase Cash Flow
Earn rebates through your card provider.
Get rebates/rewards in place
Increase spend to maximize rebates/rewards
Use on-demand virtual cards to leverage additional cost centers
If your business is looking for ways to cut costs, consider using smart accounts payables tools to create operational efficiencies that result in savings.
To learn more about First American's ePayables program, watch our recent Webinar on Innovative Ways Warehouses Can Save Time & Money.