Supply Chain Finance Providers

Modern accounts payable (AP) and accounts receivable (AR) departments are under pressure to find unique approaches to increase cash flow, optimize working capital management and increase the overall financial health of organizations. Supply chain finance providers offer business-critical solutions that help companies streamline AP and AR processes, increase profitability and lower costs.

Benefits of Working with Supply Chain Finance Providers

Enlisting the support of supply chain finance providers yields several important business results for large and small companies alike, including:

  • Approval Workflow Improvements: Direct Insite’s PAYBOX® platform offers integrated workflow functionality that manages and tracks invoices during all stages of the processing cycle. This includes preparation, review and approval. Users can assign tasks, view the progress of invoices directly through the portal and grant permissions depending on authority level. PAYBOX® provides greater visibility into invoicing approval workflows for both buyers and suppliers to streamline the process and increase efficiency. Suppliers and buyers can communicate via the PAYBOX® portal, send documents and negotiate open invoices. The portal also alerts users of errors or inaccuracies to enhance performance.
  • Electronic Invoicing and ePayments Capabilities: Most organizations rely on manual data entry and paper-based invoicing processes. This is extremely costly and cumbersome. By transitioning to electronic invoicing, companies can reduce labor costs and eliminate processes associated with manual data entry. This improves accuracy of invoices and creates a paper trail that allows organizations to track and manage invoicing and corporate finances easier. Electronic invoicing also significantly reduces invoice approval cycles. With electronic invoicing, companies can reduce invoice approval times from 23 days down to five. This gives companies greater control over the timing and financing of supplier payments.
  • Enhanced Reporting and Analytics: Direct Insite’s PAYBOX® solution comes equipped with integrated reporting tools and real-time financial analysis to help executives and financial staff improve decision making. The solution offers standard and customized reporting tools, including user profile management, payment transaction status, inquiry and dispute tracking, spend management and transmission control reports. For a more tailored approach, users can set up self-service reports with pre-defined criteria and data points, which can be saved for later use. Suppliers also gain access to up-to-date status reports on purchasing orders, invoices and payments.
  • Improved Discount Capture: Discount capture is an important priority among AP professionals. Typically, business buyers can receive a 2 percent discount if they pay suppliers within a 10-day timeframe. These discounts can add up quickly and provide buyers with a greater return than the money market. While 85 percent of AP professionals cite discount capture as a main concern, only one-fourth of companies can capture discounts consistently according to a recent study by Direct Insite and PayStream Advisors. This is why it’s essential to employ supply chain finance providers that offer improved discounting capabilities. Direct Insite’s PAYBOX® solution allows buyers to capture more discounts from suppliers by reducing invoice processing time.

To find out more information about how Direct Insite’s PAYBOX® solution is revolutionizing AP and AR processes in leading organizations, give us a call at (613) 873-2909 and set up a personal consultation with our experienced professionals.

Working Capital Management