February 4th- In line with Travel Ledger’s vision for an automated accounts receivable/payable ecosystem; Payment Source article writes about CEO of Biller Genie Thomas Aronica and the importance of automating invoice processing.

Aronica breaks it down into two main points that manual invoices impacts: the bottom line and time spent.

“When businesses rely on manual, paper invoicing, they’re setting themselves up for longer DSO (Day Sales Outstanding) times from the get-go. This strategy also impacts the bottom line due to the high costs associated with manual accounts receivable (AR) practices.”

What is clearly being recognised here, like in the EY article, is the importance of automating the back office not only for internal processes but also with business partners. This should no longer be a part of a business that is neglected and the ‘hidden cost’ as Aronica describes would undoubtedly be having an effect on the profit margins of the business.

Meaning currently businesses are not reaching their full potential, until billing and settlements is simplified by the means of automation.

Click on link below to read article in full.

https://www.pymnts.com/news/b2b-payments/2020/accelerating-accounts-receivable-starts-with-invoice/