Accounts Payable is traditionally a cost center. Most companies pay their vendors with paper checks – up to 70% of payments are still processed this way. A recent study, sponsored by the American Institute of CPAs, found that “the average billion-dollar company handles 12,500 invoices per accounts payable employee annually, at a cost of $3.55 per invoice.” Ouch.
Some companies utilize ACH for vendor payments, which is less costly but has data limitations and requires your suppliers to share their banking info.
What if you could improve AP efficiency & security, generate revenue from paying your vendors and and turn AP into a profit center? Check out this Forbes article about virtual cards and how they could transform your Accounts Payable operations. And let us know if you’d like to know more.