How AP Automation Improves Supplier & Vendor Satisfaction

AP Automation Can Strengthen Your Vendor Relationships

When it comes to building and maintaining rapport with your most valued suppliers and vendors, financial transparency is often vital to your working relationships. Accounts payable (AP) automation help to establish better outcomes than that of manual processes.

“The State of ePayables 2024 Report: Money Never Sleeps,” as presented by Ardent Partners and Paymerang, indicates that greater levels of automation are still necessary despite its distinct advantages.

That’s a major reason that 40% of all AP leaders are actively encouraging their existing suppliers to invest in submitting electronic invoices, according to the report. Up just slightly from 2023, interest in acting on AP automation is now fortunately on the rise. In fact, the average percentage of suppliers sending invoices digitally has increased to 49%.

We know that achieving supplier satisfaction is the ultimate goal for your team. With our AP automation platform, your vendors will get their invoices processed and paid faster, keeping your vendors happy.

Divulging the Best-in-Class Difference with AP Automation 

Because operating the AP process without our award-winning automation technology takes much more time and effort to execute on a daily basis, it can lead to longer cycle times. This can result in undesirable late fees, increasing your chances of damaging important vendor relationships over time.

Automation can alleviate this altogether, proving to be a pivotal facet of the supplier relationship management process. By transitioning to electronic invoice management, teams can substantially reduce human error, streamline the handling of invoices, and enhance their overall efficiency.

And AP leaders that are using this method to the best of their abilities have impactful results to show for their investment.

Those that aren’t yet leveraging financial automation spend nearly a quarter of their time on average dealing with supplier inquiries. However, those that are using automation allocate only half this amount of time dealing with inquiries, saving them time for more valuable tasks. Best-in-class AP teams also have 50% more suppliers using electronic workflows, enabling them to process more than twice the number of straight-through invoices.

Capitalizing on a Modern Approach to Supplier Relationships

Implementing an organized vendor relationship management strategy can result in a number of benefits.

Using AP automation from Paymerang not only helps reduce costs by minimizing traditional printing and mailing expenses, but also contributes to better supplier interactions and on-time payments. We even enable teams to monitor cash flow granting access to real-time data that allows for consistent monitoring of submitted invoices and their statuses.

Another benefit of a streamlined payment process through AP automation is security. Outdated vendor information can be a gateway to fraud with incomplete or inaccurate data which opportunities for imposters. With Paymerang, vendor information is regularly reviewed for accuracy and complete, leaving no gaps for fraud.

Growing Your Team with Our Payment Specialists

A unique bonus when you partner with Paymerang is that you and your clients get instantly connected to hundreds of our security-trained payment specialists. We take on the manual tasks so your team can focus on high-value tasks.  With automated reconciliation, your cleared payments are reflected automatically in the system every day, eliminating tedious stare and compare reconciliation. As a true extension of your greater team, we will send out payments and perform follow-ups on your behalf, so you can remain focused on what matters most each day.

Get started on the path to better vendor relationships by scheduling a demo today!