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The bookkeeping business now uses Lightyear to automate the accounts payable (AP) and bookkeeping processes for 37 clients, mainly in hospitality and retail. The Never-Ending Statement Nightmare Working with hospitality and retail clients results in a high volume of invoices to process. . ” explains Millie.
In the continuous movement toward automating B2B payments – and especially payables – the pandemic is pushing firms to examine internal workflows and embrace the touchless process. Robotic process automation and accounts payable (AP) automation can be blended into solutions that are verticalized for specific tasks.
Drilling Into The Hospitality Sector. To get a sense of how the coronavirus has upended the very way industries operate — and how buyer/supplier dynamics can be improved through automation — consider the fact that Patel’s firm operates within the hospitality industry, specifically in hotel investment and construction.
Accounts receivable departments are often hospitals’ first lines of defense for maximizing days cash on hand, but when cash flow trickles to a drip, the ramifications are felt all the way through to accounts payable. Cash is always important, but for hospitals, it’s extra important,” he said in an interview.
Mainly, AP professionals and vendors are tied to legacy systems built around paper-based payments, and both sides hesitate to implement virtual card solutions, fearing disruption to current enterprise resource planning (ERP) systems. Across The Next-Gen APAutomation Space. About The Tracker.
3) that it has completed its multimillion-dollar acquisition of CPS Payment Services , a B2B payments and accounts payable (AP) automation technology provider. The centerpiece of CPS’ offerings is the firm’s proprietary APautomation software. Repay Holdings said on Tuesday (Nov.
These challenges have prompted more teams to prioritize APautomation as part of larger digital transformation initiatives. By improving internal processes, maximizing efficiencies, and strengthening vendor relationships, digital transformation projects help organizations optimize their limited workforces, especially in AP.
However, Tipalti Co-founder and CEO Chen Amit said he’s noticed more businesses taking the leap into accounts payable (AP) automation to mitigate the friction that comes with a remote workforce and cash flow pressures. Some firms, like those in the travel and hospitality market, remain in a particularly tough situation.
In earnings materials tied to the quarterly announcement, the firm said that 32 organizations selected Paymode-X to provide APautomation and that four banks selected Bottomline’s banking solutions. Paymode-X was adopted by a leading eCommerce company as well as several hospitals and healthcare providers, according to the CEO.
The latest soapbox to do so was Becker’s Hospital Review ‘s 7th Annual Meeting held last month. “As government and commercial payers reduce reimbursement levels, many hospitals are seeing their margins shrink,” explained Becker’s Hospital Review in a recap of the event.
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