Take Advantage of Early Payment Discounts with AP Automation
Some companies offer early payment discounts to encourage customers to pay their invoices on time.
One common early payment vendor discount is the “2/10 net 30,” which means a payment due in 30 days can be reduced by 2% if paid within ten days.
Usually, it makes sense to take advantage of these discounts depending on company policies and cost of capital.
Paying invoices early reduces the amount owed and makes it easier to reconcile accounts. Additionally, it will also strengthen your relationships with your current vendors.
These are some of the reasons why your company wouldn’t be taking advantage of early payment discounts:
- The invoice manual processes are slow and prone to errors
- Invoices are being received in a decentralized fashion limiting AP visibility until it is too late
- Invoice approvals and payments take too long
- The AP department don’t have full visibility into their payment schedule because it isn’t automated
If your AP department spends too much time tracking down invoices around the office or manually entering data into spreadsheets, making payments before invoices are due can even be difficult. This is why you should consider an accounts payable automation and outsourcing solution.
Octacom’s Accounts Payable Automation solution significantly decreases processing times.
All data capture and validation is provided as part of a daily processing service. You receive complete and correct invoice data necessary to capture early payment discounts and eliminate late payment fees.
Plus, our Odiss™ Document Management Software continuously monitors all user and workflow activity with a complete audit trail of all actions taken that allows you to anticipate any issues that put early payment discounts at risk.
Watch the Video to See How AP Automation Works
Octacom provides document and data management solutions to clients across North America from mid- and large-sized corporations, governments to non-profits. Established in 1976, we are a privately held, 100% Canadian owned company.
Leveraging our Odiss™ Document Management Software, we create tailored solutions to simplify and automate processes by changing the way you manage, access and maintain your information, providing you with the tools you need to do things more efficiently with increased productivity.
Working with Octacom allows you to improve customer service, lower your operating costs and realize a positive impact on your bottom line.
Contact us today to learn more about Octacom’s Accounts Payable Automation solutions.