Guide to Understanding Automated Payments

How Automated Payments Mitigate Risk and Improve Efficiency for Your Organization

According to the AFP’s 2022 Payments Cost Benefit Survey, most finance professionals spend at least one hour a week on each of these tasks: reconciling payments, processing ACH payments, and processing checks. That’s more than 150 hours—6.5 days—each year. And some organizations are spending up to six hours a week on each of those tasks.

Think of the strategic goals you could accomplish if you had at least half of that time back in your day.

Automated payments are the next step in the evolution of AP, providing a faster, more cost-effective, and more secure way to pay invoices compared to traditional paper processes. In this guide, you’ll learn:

• The history of payments, and how the industry continues to move from manual to electronic to automated
• How automated payments work with a step-by-step process
• The benefits of automated payments, including how the mitigate risks and improve efficiency
• How you can incorporate automated payments into your organization’s AP processes

Download this guide today to see how automated AP can free up your finance team to focus on more strategic work.