Paying your bills isn’t the most exciting thing to do, but it shouldn’t be a problematic process for your business. Unfortunately for many project-based companies it is a clunky, disconnected process rife with risk, anxiety, and a lack of transparency. When the last mile of the Accounts Payable (AP) process entails putting a check for a large amount into the mail, anxiety sets in as you wait for the checks to reach their destination. Sometimes it can take weeks for them to be cashed, which affects how quickly you can reconcile your ledger. And if some of your teams are working in a hybrid or remote environment, you might be taking on additional risk by allowing a remote employee to take check stock to their personal office to print these physical checks.
This tedious, manual process increases the risk of potential fraud and lacks significant control and visibility into your company’s outbound cash flow. But what if you could make that process much simpler and gain visibility into the status of every single vendor payment? What if you could even make money along the way? The answer is Deltek Payments AP Automation for Vantagepoint, a fully integrated solution to automate and streamline your AP.
Deltek Payments AP Automation transforms the paper-based process of printing and mailing checks to your vendors or suppliers into a digital process. Now you can select, process, schedule and make electronic payments against your Accounts Payable within Deltek Vantagepoint, while some payments may even be eligible for a rebate.
Reduce costs and turn your AP department into a profit center
Understandably, by digitizing your AP process, you can reduce the costs associated with physically printing and mailing checks, and the time it takes to reconcile your cash accounts. Additionally, for every payment made through Deltek Payments, you can earn money back through rebates that can add up quickly. That’s not something paper checks can offer. And if you’re making these payments anyway, why not do it in a way that brings money back into your business?
Enhance control and visibility on all vendor payments
By automating AP within Deltek Vantagepoint, you can enhance your integrated solution and maintain the most accurate financial data in a single place. This allows you greater visibility into the status of all your outgoing payments, with the added benefits of eliminating reconciliation and duplicate entry.
Mitigate payment fraud risk and offset liability
AP Automation increases the security of your payments and reduces the risk of fraud by eliminating the need to print physical checks or continually reenter vendor information for ACH payments. Additionally, digital audit trails for all payment types, including physical checks, credit card or ACH, allow you to be confident in the status of each payment in the process. And Deltek Payments uniquely allows you to offset the liability for payments as soon as they’ve been sent. This way, you can immediately reconcile payments rather than waiting for them to clear.
With Deltek Payments AP Automation for Vantagepoint, you can:
- Enjoy a better, more modern digital payment experience
- Reduce costs, improve accuracy and eliminate reconciliations
- Increase financial security and control while maintaining the highest compliance standards
Learn More About Modernizing Your Payment Experience
About the Author
As Senior Director of Product Management, Melissa Coffey is an experienced product leader who specializes in driving vision and roadmap for Deltek Vantagepoint. Through collaboration with customers and engineering, she ensures the solutions meet the ever-changing business needs of its users.
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