Analyze AP Spend to Generate New Revenue Now
Now is the time to optimize accounts payable
Covid-19 virus lockdowns are placing pressure on cash flow and causing organizations to cut spending. But cutting too deeply to address what many believe to be a short-term crunch can have a long-term impact on your business relationships and financial health.
It is important to focus not only on how much you pay suppliers, but how you are paying them. Making a change to your AP strategy to integrate virtual card payment solutions can quickly and sustainably generate rebates and cash-back incentives.
Three Things You Can Do:
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 to 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 with a mutual goal: survival. Crises can strengthen relationships, so mutual support between buyers and suppliers is more important than ever. Virtual cards can provide a win/win solution by driving cash back to you while accelerating payments to your suppliers at an affordable rate.
Be ready for the rebound
For many businesses, COVID-19 disruption has put orders and activity on hold, but not forever. When demand returns, don’t be caught on your heels, struggling to respond. If you have optimized your AP and maintained strong supplier relationships, you will be positioned to meet demand when it rebounds. And, you will have a new source of cash ready to grow with you.
We can help you identify ways to accelerate cash flow by generating rebates and cash-back incentives that can be “switched on” with no change to your current ERP or accounting system. Watch this short video to learn more about how our integrated payables platform works. Or, contact us for an AP spend analysis.