Some of the most promising solutions leverage artificial intelligence (AI), machine learning (ML) or some other form of automated software, both to reduce the incidence of complications and to address those that do arise.įor example, automation means that recurring payments such as utilities or rent can be set up to pass through from invoice to payment with approvals of the purchase order already in place, Beanworks CEO Catherine Dahl told PYMNTS in a recent interview. The costs of these delays and errors are leading many businesses to develop or purchase advanced technological solutions to fix them. These old-fashioned methods can be time-consuming and costly in terms of labor, bank fees, check printing and postage.
PAST DUE INVOICES MANUAL
One of the major culprits in these complications is a reliance on paper payments and manual processes. Late invoice payments have become widespread throughout during the pandemic as businesses face economic struggles, reduced cash flows and other complications.
In fact, 49% of the invoices produced by businesses in the United States go on to become overdue, as reported in the “AP Automation Tracker,” a PYMNTS and Beanworks collaboration. Problems range from incorrect invoices to lack of cash on hand to late payments - either from customers or to vendors - all of which demand considerable time and labor to correct. Capital management is a constant challenge for all types of businesses, requiring them to invest vast sums to manage cash flow, accounts payable (AP), accounts receivable (AR) and other related tasks.
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