Leading Research Firm Defines ePayables Cost Savings for the Mid-Market
Pembroke, MA – February 8, 2016 – Ariett, a leading provider of Cloud Purchase to Pay Software, is featured as an innovator of electronic payables (ePayables) and AP automation solutions in PayStream's new “2017 Electronic Payments Report.” Surveying over 300 accounting professionals across a range of organizations, the report offers the latest research on payment management trends and the top benefits of electronic payment processing for organizations.
According to the report, check payments are still heavily used (respondents reported 46% of supplier payments made by check) even though they are not as efficient, cost-effective or secure as ACH or virtual credit card payments. Typically, these organizations have not yet moved to ePayables because they are more familiar with their ERP solutions’ check processing. However, the report’s findings show how secure electronic payment solutions, such as Ariett, help organizations to streamline AP, improve cash management, earn cash rebates and gain a holistic view of purchase to pay spend.
President of Ariett Glenn Brodie said, “This report offers insight into the direction of payment processing for organizations. With our customers, we’re seeing a shift in corporate mindset as CFOs and AP teams embrace the benefits of electronic payments – less time and money spent on printing and mailing checks, quick access to payment audit trails and visibility to each invoice associated with a payment. CFOs gain control over what is paid, when it is paid and how it is paid.”
“Vendors and suppliers quickly accept the new payment methods as they understand that this translates into a reduced payment cycle, more secure receipt of payment and automated electronic remittance. At the same time, Ariett provides customers with the flexibility to start with traditional checks and then move to ACH or virtual credit cards when they are ready,” said Brodie.
In the report, another key benefit of ePayables solutions, like Ariett, is that they offer integrated purchase to pay functionality, allowing organizations to manage payments, purchase requisitions and invoices within one platform.
In a recent blog about the report, Consultant Steve Bernet of PayStream Advisors highlights how integrated ePayables solutions can build a bridge between AP and procurement, helping an organization to gain efficiency and savings. Bernet wrote: “in this kind of siloed organizational structure, it’s impossible to look at a transaction’s journey holistically, from requisition, purchase order, receipt, invoice, and finally payment. As AP managers well know, it can also breed a sort of ‘us vs. them’ mentality between departments when discrepancies arise that staff members must resolve. PayStream Advisors’ analysts have long advocated for a holistic, integrated approach to aligning the various functions along the purchase-to-pay continuum.”
Ariett generates savings on every contract, requisition, invoice, expense report and payment with a modern, unified procurement platform. Designed to work the way you work, Ariett’s easy-to-use web application delights employees by running on any mobile device or desktop. Accounting teams everywhere benefit from upfront purchasing control, global visibility to spending and audit trails, which drive cost savings across the enterprise. For more information, please visit www.ariett.com, call 781-826-1120 or connect with Ariett on LinkedIn and Twitter.