As a small business with 12 employees, we trusted large companies to honour 30-day credit terms without running financial checks. Unfortunately, this trust was broken time and time again.

Every Friday afternoon, as the managing director, I would call the accounts payable (AP) teams of companies with outstanding debts. Over time, I built relationships with the AP teams. I learned who was sincere and willing to help and who would make excuses. Despite offering 30-day terms, payments often took 60, 90, or even 120 days.

The most common excuse? “We haven’t received payment from our client yet.” My response was always the same: “My contract is with you, not your client.” Yet, this reasoning rarely worked.

As a small business owner, these delays caused sleepless nights worrying about cash flow and whether we could meet our obligations. The breaking point came when we extended over £250,000 of credit to produce a major retailer’s Christmas TV advertising campaign. We agreed to 14-day payment terms, with the final balance to be settled by the end of January. By the following June, we were still chasing the last £25,000. The retailer’s excuse? “The invoice hasn’t been approved yet.”

Ultimately, we had to involve a solicitor to recover the money. Although we were paid in full, the retailer’s inability to honor their agreement damaged the relationship beyond repair. Just three years later, they went into administration.

Bridging the Gap with Automation

In the 1990s and 2000s, managing purchase orders and invoice approvals meant relying on paper documents or Excel sheets sent via email. Today, businesses have access to powerful tools like Zahara’s Accounts Payable Automation software. With Zahara, there’s complete transparency in the approval process. No more excuses about lost invoices or delayed approvals.

Our platform empowers accounts payable teams to:

• Track invoices and approvals in real-time.

• Identify bottlenecks in the process, holding colleagues accountable.

• Build stronger, more reliable relationships with suppliers.

Imagine annual awards for the most efficient approvers, or simply enjoying the loyalty of happy suppliers who trust you to pay on time.

Zahara: Features That Strengthen Supplier Relationships

Zahara goes beyond basic AP automation to offer features that directly enhance supplier relationships:

1. Multi-Step Approvals: Customize workflows to ensure every invoice is reviewed by the right people at the right time.

2. Invoice Matching: Match invoices to purchase orders and receipts automatically, reducing disputes.

3. Real-Time Insights: Gain visibility into outstanding approvals and payments.

4. Supplier Portals: Allow suppliers to check the status of their invoices, fostering transparency.

5. International Payments: Streamline payments to suppliers across the globe.

6. Fraud Prevention: Protect your business with tools to detect and prevent fraudulent invoices.

A Call to Action for Accounts Payable Teams

If your business is still struggling with slow approvals or supplier dissatisfaction, Zahara can help. By implementing our software, you can eliminate the friction that damages supplier relationships and ensure your team is efficient, transparent, and reliable.

Let’s build a world where suppliers are loyal and happy—and where accounts payable teams can take pride in their processes.

Suppliers: If you know companies that blame invoice approvals for slow payment, encourage them to contact Zahara Software. We’re here to help.

The post Better Accounts Payable Practices appeared first on Zahara Accounts Payable Automation Software.

In addition to taking up significant time, this method also leaves room for errors. There are plenty of reasons to integrate both your home and international payments, but we’ve collated five of the most important ones. 

What are the benefits of integrated international payments?

1. Boost Efficiency, Reduce Errors

Manual processing of international payments is inherently time-consuming and prone to errors. Using a system like Zahara means you don’t have to leave your invoice processing app to make international payments, completely streamlining the process.

You also eliminate manual data entry and significantly reduce the likelihood of mistakes, which is just another win. Automated systems integrate seamlessly with accounting software, synchronising financial data such as payments, invoices, and bills, which equals saving valuable time.

2. Visibility Over Cashflow Management 

The ebb and flow of cash is your business’s lifeline. A way you can get better control and visibility of your cashflow is by automating international payments. You’ll be able to see exactly which invoices have already been paid, and when, all from the comfort of your invoice processing app. role.

This is how you get real-time insight into your spending, so you can adjust your strategies accordingly. It’s also possible to schedule payments in advance so you can be sure every invoice is paid on time. When you think about it, this saves you more cash in the long run because you don’t have to risk any late fees!

3. Top Notch Security

If you’ve picked a good provider, you’ll know for certain that your payments are in safe hands. Choose a provider that’s FCA authorised and makes your security their priority. There’s room for mistakes and risks when you leave your finance system to complete your payment run elsewhere, so why not keep it all in the same app?

4. Better Vendor Relationships

As mentioned previously, when you automate your international payments, you can schedule when these payments go out in advance. Similarly to how you would set up a Direct Debit to give you peace of mind in your personal life when paying rent and other expenses, scheduling your payments has the same effect.

You can choose when payments go out so that you don’t have to worry about missing deadlines, which of course leads to late fees, not to mention a sour relationship with your suppliers. In fact, it’s worth the reminder that there are plenty of incentives to make prompt payments, like a deduction on your invoice!

5. Reduce Costs Through Efficiency 

There’s no denying that a combination of automated invoice processing with in-app payments is a huge time-saver for you and your entire team. Obviously, software like this comes at a financial cost, but many customers find that as time goes by, their overall costs actually go down because they’re avoiding late fees, not paying duplicate invoices, and getting excellent exchange rates. You don’t have to compromise. You can be efficient and keep costs low. 

Pay your bills like a boss! With Automated Scheduled Supplier Payments

International Payments: The Bottom Line

In conclusion, automating your business’s international payments will bring about many benefits, including improved efficiency, enhanced cash flow management, and strengthened vendor relationships. Embracing automation across your entire accounts payable function not only ensures peace of mind but also optimises financial operations for the long-term success of your business. Zahara is the leading accounts payable system that takes you all the way from purchase order to payment.

If you have any questions or concerns about automating your payment processes, please contact our friendly Accounts Payable Consultants for advice. We’re here to help!

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The post Easy International Payments in 2024 appeared first on Zahara Accounts Payable Automation Software.

Managing transactions is a core responsibility for finance teams, and ensuring timely payments to vendors and suppliers is a critical part of the process. Manual payment handling is not only time-consuming but also prone to errors, which can lead to late payments and strained vendor relationships.

If you’re considering ways to automate payments, here are five key reasons why it’s a smart move.

1. Save Time and Reduce Manual Errors

Manual payment processing involves multiple steps, from data entry and verification to approval and reconciliation. Each step increases the risk of errors, which may go unnoticed until they cause significant issues.

Automated payment systems streamline workflows by eliminating manual data entry. Integrated software can detect and correct errors before payments are processed. A high-quality automation system syncs with your accounting software, ensuring seamless data flow across invoices, payments, and financial records.

2. Improve Cash Management

Effective cash flow management is essential for financial stability. When you automate payments, you gain real-time insights into cash flow and expenses, allowing businesses to make informed financial decisions.

With automation, payments can be scheduled in advance, ensuring bills are paid on time. This reduces the risk of late fees and strengthens relationships with suppliers.

Key Cash Flow Statistics

3. Enhance Security and Compliance

Manual payment processing increases the risk of fraud and compliance issues. Errors in manual transactions can lead to unauthorized payments or regulatory violations.

When you automate payments, security is significantly improved by enforcing approval workflows and access controls. Automated systems also help businesses comply with internal policies and external regulations, reducing the risk of financial fraud.

4. Strengthen Vendor Relationships

Timely payments are essential for maintaining strong supplier relationships. Using an automated system ensures payments are processed promptly, helping businesses meet vendor expectations consistently.

Reliable payments can also improve your negotiating position. Suppliers may offer better payment terms, helping your business manage costs more effectively.

5. Reduce Costs and Improve Efficiency

Manual payment processing is costly, requiring additional time and resources. Delayed payments can lead to late fees, and inefficient workflows slow down operations.

While automation may seem like an additional expense, choosing to automate payments ultimately reduces costs by improving efficiency and minimizing errors. The long-term savings far outweigh the initial investment.

Automate Payments Conclusion

Choosing to automate payments improves efficiency, reduces errors, and strengthens financial control. The ability to ensure on-time payments while maintaining compliance and security makes automation an essential step for modern finance teams.

If you’re exploring payment automation solutions, our team is available to help. Contact us to learn more about how automation can streamline your payment processes.

The post 5 Reasons Why You Should Automate Payments appeared first on Zahara Accounts Payable Automation Software.

Here are some key indicators to help you determine if your payment processing system is doing what it should: 

Timely Payments  

One of the most important functions of your payment processing system is to ensure that payments are made on time. Delayed payments can lead to late fees, interest charges, and damage to relationships. Your payment processing system should be able to process payments quickly and efficiently, without any delays or errors. 

Accurate Record-Keeping  

It should also be able to keep accurate records of all payments made and received. This is important for tracking expenses, managing cash flow, and ensuring that all transactions are properly recorded for accounting purposes. If your payment processing system is not keeping accurate records, it can lead to costly mistakes and accounting errors. 

Secure Transactions  

Security is also a critical component of any payment processing system. Your system should be designed to prevent fraud, protect sensitive information, and comply with industry standards and regulations, just as Comma is. If your system is not secure, it can lead to data breaches, financial losses, and damage to your company’s reputation. 

Integration with Other Systems  

Your payment system should also be able to integrate with other systems, such as your accounting software, CRM system, and ERP system. This allows for seamless data flow between systems, eliminating the need for manual data entry and reducing the risk of errors. If your payment system is not integrated with other systems, it can lead to inefficiencies and errors in data entry. 

User-Friendly Interface  

Finally, your payment processing system should be easy to use and navigate. Your finance team should be able to easily access and process payments, without the need for extensive training or technical expertise. A user-friendly interface also helps to reduce errors and ensure that payments are processed correctly. 

If your system is not meeting these key indicators, it may be time to re-evaluate your system. Consider upgrading or switching to a new provider.  

When evaluating payment processing solutions, it’s important to consider factors such as cost, security, reliability, and customer support. You should also consider the specific needs of your business, such as the types of payments you receive and make, the volume of transactions, and the currencies you need to support. 

The post Is your payment processing system working as it should?   appeared first on Zahara Accounts Payable Automation Software.