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5 Guiding Principles of Navigating Payables

The future of finance is smart cost management.

Modern CFOs and financial leaders are powering through critical moments of disruption to strategically enable their high-performing companies for success.

Now, they’re evaluating their contingency plans and adjusting them for the potential impact of uncertainty—allocating the right resources to the right places without stifling opportunity.

These future-focused strategists are building their operations in pursuit of value-based optimization. They’re finding cost and growth opportunities by:

  • Re-focusing available and unallocated capital
  • Evaluating operations at scale while minimizing the hidden costs of manual processes
  • Building and testing strategies that drive the business forward
  • Managing risk and re-directing resources
  • Finding costs savings while delivering the most competitive advantage
  • Partnering with the right solutions in the pursuit of efficiency
  • Utilizing budgeting models to identify what truly supports the business

Today’s financial leaders are expected to go beyond traditional accounting responsibilities to help drive the company’s direction while balancing short and long term needs. According to IOFM, accounts payable is considered the number one most time-consuming function in finance. To navigate payables, finance leaders must focus on guiding their companies to sustainable success.

5 Guiding Principles of Navigating Payables

1. Streamline Partner Onboarding

Onboard partners rapidly with proven technology. An intelligent, embeddable, guided, white-labeled portal helps retain partners, avoid compliance catastrophes, and liberate finance from partner payment complexities.

  • Seamless brand experience
  • Collect contact details & verify bank account information
  • Deepen partner relationships
  • Collect and verify tax IDs
  • Promote partner self-service

2. Improve Tax Compliance

Solve the complex, highly-manual process of collecting tax information through digital capture. Ensure IRS tax compliance with KPMG-approved tax form data validation and withholding calculations.

  • Collect and validate IRS and VAT tax IDs
  • Maintain W-9, W-8BEN, VAT details
  • Walk partners through complex requirements
  • Integrate with 1099 & 1042-S services

3. Simplify Self-Billing Processes

Quickly generate self-bill invoices as required by governments or tax processes and execute payments upon approval.

  • Ensure compliance with global regulations for business expenses
  • Create an automatically generated invoice from payees
  • Multiple approval combinations

4. Free Operations from Unnecessary Bank Challenges

Back-office finance operations are typically unscalable due to their manual effort. Banks are not optimized to navigate the complex nuances of the payables workflow.

  • Reduce the number of payment errors
  • Send cross-border payments through one account
  • Manage multiple currency accounts worldwide
  • Implement real-time reconciliation across regions, currencies, and payment methods
  • Offer early payments integrated with the payables workflow

5. Streamline the Entire Payables Process

Free your finance team to do more with less by eliminating 80% of the operational workload and automating the entire supplier payments operation.

  • Effortlessly pay to multiple countries in multiple currencies
  • Pay using multiple methods in a single click
  • Support for US ACH, global ACH (eCheck), wire transfer, PayPal, check, prepaid debit
  • Instantly reconcile payments and integrate with ERP

To effectively modernize payables, financial leaders need to maximize efficiency, accelerate visibility, rapidly adapt to changing business needs, and institute smart financial and cost controls. Finance teams at modern, high-performing companies have a critical role in navigating their organizations to long term success.