Why AR / AP Automation Matter in Our Modern Business Landscape
When pandemic lockdowns forced much of the workforce to telecommute in 2020,many companies realized shortly that paper still runs the office. From check printing to mail-bound invoice processing, businesses had to face that “the old ways” were causing significant obstacles for their remote Finance teams. Suddenly, cloud-based AP automation and AR automation became necessities.
In this on-demand webinar from SWK, discover why transforming the Accounting department with modern, paperless processes has become a top priority for savvy business leaders. Watch the webinar now.
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Initial Remarks
Learn the results of a recent survey that is discussed in depth in the webinar (starting at 2:17), including information on:
- What systems companies are currently using (2:49)
- Why the move to remote work exposed weaknesses in AR and AP departments (3:13)
- How the modern automation buyer typically approaches a sale (3:55)
An Introduction to AR Automation with Lockstep
Lockstep is an AR automation solution built by accounting professionals for accounting professionals, delivering an average 20x return on investment. Recognized by leading analysts including Gartner and IDC MarketScape, and a winner of the TITAN Business Award, Lockstep supports 250+ world-renowned brands and organizations, and features a robust list of integrations.
- Overview of the current AR process (10:55)
- Explanation of how Accounts Receivable automation works (12:10)
- The 5 main components of automation software for AR (12:31)
- How Lockstep works with your system (13:31)
- What happens when people do not pay on time (14:31)
- Tip: Find out how much AR automation improves the average days delinquent time (15:37)
- Tip: Discover what happens when you use a customer self-service portal for payments (16:02)
- Tip: Learn the most effective method for getting involved with delinquent payments (17:26)
- What are the 5 top benefits of automating AR processing? (18:50)
- Hear 3 inspiring success stories (20:07)
- Tip: Learn how automation can help you retain top talent (21:26)
An Introduction to AP Automation with AvidXchange
AvidXchange is one of the fastest-growing tech companies in the U.S., with 20 years of experience helping 7,000+ North American companies cut costs, improve visibility, and increase efficiencies in AP and payment processes. Integrated with 180+ accounting systems, including Sage 100, Sage Intacct and Acumatica, AvidXchange has earned the continuing trust of 700,000+ suppliers by processing $145+ billion in spend management processes (and that was just in 2020!)
- Overview of AvidXchange (22:54)
- What is the key differentiator of AvidXchange? (23:28)
- Tip: Check out the survey to learn how today’s challenges impact AP departments (24:08)
- Tip: Learn why it is taking ~$8 per transaction to process payments now (24:51)
- What are the problems with using manual processes in B2B payment management? (25:18)
- What are the top reasons companies consider AP automation? (26:45)
- Tip: Find out why automation is better for combating fraud (27:14)
- View the “before” and “after” workflows using automation (28:52)
- What is the AvidPay Network – and why does it matter so much? (30:03)
- Tip: See how your business stacks up when it comes to keeping up with changes in payments (30:56)
- Look forward into the future and find out what businesses consider to be one of the most important areas for fintech innovation (31:28)
Q&A
Curious about user roles, implementation, and payment acceptance formats? Find out the answers to these questions in the Q&A.
- Do you have one standard user role or different roles available? (34:05)
- What is the implementation process like? (36:19)
- Does the system accept payments through EDI files? (39:22)
Extend Your Learning
This clear, no-nonsense explanation of AR automation and AP automation was only one of the many free, in-depth webinars SWK Technologies offers to help you do more with your technology.
If you liked this video and you want to watch more in-depth webinars that will help you use your business tech to drive success, please check out our upcoming events and webinars.
In the meantime, please bookmark this webinar link so you can return to the information whenever you need it.
Watch the “Investing in AR / AP Automation – Why It’s Worth It” webinar now.
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