Now is the time to optimize accounts payable
A year ago, the COVID lockdown caused organizations to cut spending. For many, cutting too deeply created a chain reaction that impacted relationships with customers and suppliers.
The good news is that companies are recovering faster when they focus not only on how much they pay suppliers, but how they pay them.
An Accounts Payable (AP) Spend Analysis can quickly show you how to close the gap between when you get paid by customers and when you have to pay suppliers. Maximizing cash flow and sustainably generating rebates on your AP will makes a big difference in your business during the recovery.
Three Things You Can Do – Quickly
Analyze and optimize your accounts payable
Analyze when and how you pay suppliers, and you’ll see how much your AP process is actually costing you. Now is the time ensure that your payment methods are optimized so you can leverage early payment discounts, avoid interest or late fees and earn cash back on your spending.
Stay friends with your suppliers
You and your suppliers are part of the same ecosystem. You have struggled together for more than a year with a mutual goal: survival. You can both benefit with optimized, integrated payments. Virtual cards can provide a win/win solution by driving cash back to you while accelerating payments to your suppliers.
Create new sources of cash to help recover and grow
As demand returns, don’t be caught on your heels, struggling to respond. Now is the time to optimize your AP and maintain strong supplier relationships. You will improve your working capital position and gain a new source of cash to recover and grow.
Read how Integrity Grading & Excavating used Priority CPX integrated payables platform – even as the pandemic surged – to drive efficiencies in their AP process. They gained greater control and visibility into cash flow.
We can help you identify ways to accelerate cash flow and generate rebate from your AP spend with no change to your current ERP, accounting system or banking relationship. Watch this short video to learn more about how our integrated payables platform works. Or, contact us for an AP spend analysis.