Fall into AR and AP Payment Best Practices

Ready or not, fourth quarter of 2023 is around the corner! This is typically the time when we look at budgets, processes and sleuth out any opportunity to fine-tune success. For many, fall brings about assessments and plans for a new year, and setting additional goals. These AR and AP payment tips will show you how to set your business up for success for the remainder of the year.

Where to start?

Organizations can start by collecting financial indicators such as revenue, profit margins and cash flow. Other metrics that shed light are customer behavior, such as customer feedback or conversion rates. The end of summer is a great time to identify any anomalies in reporting and financial statements. With nine months of bank statements, accounts receivables and accounts payables under review, any variations can lead to inaccuracies. Timely reconciliation helps maintain a realistic financial picture.

Human error often leads to discrepancies in financial reporting. Issues that add up are unrecorded invoices, duplicate entries or entering wrong information, such as payment data. Any invoices overdue and have yet to be paid need to accounted for during this time to keep the financial picture as clear as possible.

Time is another tricky area to monitor. A vendor might not have cashed a check payment until some time has passed; this can lead to discrepancies between the accounts payable records and bank statements. Identifying these issues, will help you correct any missing or inaccurate information, ensuring the financial reporting is clean and realistically reflects the company’s financial status.

Is it time for new technology?

Investing in new technology is now a practical necessity for those needing to stay competitive. Integrating a payments platform is at the top of the tech list. This investment aligns financial processes. A comprehensive payments platform simplifies and accelerates the payment cycle. Aligning payment acceptance and AP vendor payment processes will reduce human error, minimize late payments and optimize cash flow management. These enhancements improve financial reporting, which ultimately helps to drives smart, strategic decisions.

Maybe it is time for a smart technology partnership. REPAY partners with many of the solutions your organization may already use. REPAY recently announced a new integration that provides Quadient customers with streamlined payment processing, increased efficiency and cost savings. If integrating new technology is your next step, contact us. Take advantage of natively integrated payments with your ERP.

Fall into AR and AP Alignment with REPAY

This Fall, consider an audit that equips your business with the tools to adapt, innovate and drive success. It is a perfect time to recommit to being responsive and competitive.

REPAY provides the next-generation payment technology to enhance operations and payment processing while incorporating robust cybersecurity measures and an easy-to-use integration. Enjoy real-time visibility of the entire payment process, expert payment support, enhanced security, and greater efficiency over traditional manual processes. And all of this, through one platform!

Fall conferences are in full swing!

Attend our Partner Solution Showcase on October 18, at 11:00 AM ET,  "4 Ways to Boost Productivity in Business Central" at the Dynamics Community Summit 2023 event in Charlotte, NC. We will show you how streamlining payment processes can increase productivity and are essential for sustainable business growth. You will walk away with insight on tools and resources you can use to impact your business immediately!

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