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Apr 14, 2021Finance & Accounting Services

How the Right AP Partner Can Help You and Your Suppliers Weather the Storm

How The Right Partner Can Help You Streamline The AP Process

We’ve written before about how a partner can make accounts payable more doable in 2021. But it’s a message that bears repeating in the wake of a major winter storm that recently impacted 200 million people in the U.S. in February of this year. 

Many of the states that were impacted are used to snow and extreme cold, but many other states, like Oklahoma, Texas, and Louisiana, aren’t. And in a climate where many people were already working outside of the office because of a global pandemic, you suddenly had to add mass power outages and water shortages to the list of challenges they faced. 

All of which reinforces the simple fact that sometimes you just don’t know what you’re not prepared for. 

The Right Partner Can Help You Pay Your Invoices and Improve Your Supplier Relationships 

Because accounts payable is literally the price of doing business, it’s a critical process. Any disruption to it could harm your ability to operate. 

A partner with the right resources can ensure that your processes proceed without disruption, not just day-to-day but during a figurative or literal storm too. 

The right F&A partner will offer an invoice payment solution that can help in three major ways: 

  • By streamlining the payment process so that all your team has to do is choose what invoices to pay and reconcile the payment batches 
  • By offering complete fraud protection across all payment types 
  • By offering up to six figures in annual savings and cash rebates on credit card payments 

But your team is only part of the equation. You don’t have a business without your suppliers. 

With that in mind, here are some questions to consider: 

  • Does your invoice payment partner also have the capacity to help you improve your supplier relationships? 
  • Do they offer a range of payment options with detailed remittances? 
  • Do they provide a supplier portal for extra visibility? 
  • And do they offer 24/7 support through a supplier-facing support team? 

Put Your Trust in a Proven Partner 

A major lesson of 2020 and the early part of 2021 is that you really can’t be too prepared. From a global pandemic to a winter storm impacting millions—and who knows what else is on the horizon—placing essential business processes in the hands of a proven partner will help you and your business weather whatever storm comes along. 

For an example of what it looks like for a company to offer an invoice payment and supplier management service, read our press release or download our white paper.