White Paper

Accounts Payable – The Present & Future of Automation

Introduction

As the country begins the slow process of reopening offices, schools, and public venues, it’s a good time to reflect on the lessons learned over the past few months. The pandemic deeply affected businesses and identified significant operational gaps that made employees scramble to complete day-to-day responsibilities, especially in a remote environment.

Finance departments, specifically Accounts Payable, struggled with checks going to empty offices, payments being delayed or not paid, and risked damaging long-standing vendor relationships. In addition, the same manual, costly, and time-consuming processes that existed pre-pandemic continue to be on-going pain points for AP personnel.

accounts payable - present and future
  • “The convenience, savings, and revenue we get back from rebates, and the fact that CSI does most of the work – it’s really a nobrainer.”

    Serge Laroche Regional Controller, Fairmont Royal York Hotel

Overview

As the country begins the process of reopening offices, it’s a good time to reflect on the lessons learned over the past few months. Finance departments uncovered gaps in Accounts Payable (AP) processes that stemmed from staff working remotely. This led many businesses to reprioritize the need for AP automation.

This paper discusses what’s happening in the B2B payments market and shines a light on the pain points AP departments struggled with during the pandemic. It offers insight into payments automation, evaluating requirements, and tips for selecting the best partner. Lastly, it shares the next steps in payments automation, utilizing robotic process automation, and straight-through processing.

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Benefits of the CSI accounts payable system

No Cost

Our small admin fee is offset by the revenue you’ll earn, resulting in a no-cost enterprise solution.

Secure

Single-use virtual card numbers become invalid once the transaction is complete, eliminating the risk of stolen card numbers or lost checks.

New Revenue

Earn monthly cash back rewards based on virtual card spend, generating new revenue just by paying your bills.

Greater Efficiency

CSI Paysystems automates payments, mirroring existing workflow processes while eliminating the risk of manual errors.

Integrated

Easily integrates with existing ERP or accounting system to simplify reconciliation and save staff time.

Fully Supported

CSI handles 100% of the initial vendor enrollment and will fully train and support your team with our award-winning customer service.

Still have questions? Call 1-866-998-0437 and speak with a certified AP expert today or schedule a demo.