By Raymond L. Staudt, Executive Director, Business Development, OC Reilly, Inc.
(June 10, 2019)–The principle of accounts payable is as old as accounting itself. But the way it gets done needs to step into a new world today.
“Any time you can simultaneously improve efficiency, reliability, and security, it is a good thing, and we have found the move away from paper to be a beneficial one on all fronts.”
So says Sondra Crowley of Texas Health Resources, in an article from the October 2018 issue of HFM magazine, which explains the advantages of automating and streamlining accounts payable systems in health care organizations.
“By leveraging technology, organizations can streamline accounts payable functions, saving themselves time and money,” the article states. “Moreover, electronic offerings can improve a health care organization’s relationship with its vendors, strengthening the supply chain and making it more nimble.”
Describing invoice approval and vendor payment as “low-hanging fruit” in this transition, the article reads, “There are a few solutions that can enhance the efficiency and reliability of the process. For example, electronic data interchange (EDI) lets vendors submit invoices electronically using a standard format. Not only does this eliminate the use of paper, but it enables faster approval because an organization does not have to route a paper invoice around to different locations. The standard format also keeps things consistent across vendors, which can yield even greater efficiencies while reducing the likelihood of error.”
The piece concludes with this statement: “Whether it’s a shift to value-based care, an opportunity to merge with another organization, or a need to comply with evolving regulations, a smoothly running accounts payable function can set an organization up for long-term success.”
The OC Reilly team understands this opportunity and can offer specific accounts payable solutions for your organization, such as our proprietary Accounts Payable E-Payment Revenue Growth Program, which automates disbursement of vendor payables through a one-time use MasterCard. Contact us for more information.
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