A complete shift to online business means no more onsite supervision for different B2B transactions processed within a company. Maintaining the traditional AP and AR process despite the virtual transition increases the chance of internal fraud activities.
With AP and AR automation, the entire transaction processes are digitally recorded from beginning to end, adding a protection layer preventing fraudsters from attempting to manipulate the payments or receivable processes. Furthermore, a complete, readily available, and easily accessible audit trail makes it easy for internal audits to be conducted regularly. Precisely adopting an AP and AR tool allows businesses to handle payments and receivables from anywhere with confidence.
As a bonus, the AP and AR automation tool that provides payment approval workflow, especially with customization of approval tiers, will help streamline the entire payments process. Payments can be approved instantly and processed without additional supervision or delay in approval. Automating AP and AR will redefine B2B payments for your company as an easy, simple, and fast process.
To choose the right AP and AR solution for your business, make sure to use the list below as the checklist:
- Workflow-driven
- Auto reconciliation with accounting software
- Automate recurring payments and receivables
- Provides security to reduce fraud and risk
At Platinum Business Services we have partnered with Plooto, a cloud-based accounts payable and receivable solution software, for ourselves and our customers. Plooto offers different essential AP and AR features like online cheque payments, auto reconciliation with QuickBooks, and payment approval workflow with customizable approval tiers.
Thank you to Plooto for the content of this blog.
Contact us for any questions and to implement this system for your business.
Stay healthy,
Greg Libbrecht and the team at Platinum Business Services