In a recent conversation with Jeremy Potoka, Natalia Harris with AvidXchange shared her expert insights on the persistent issues surrounding accounts payable payments for Acumatica customers.
The Complexity of Accounts Payable
Natalia highlighted that despite advancements in ERP systems, accounts payable continues to be a struggle for many businesses. The core of the problem lies in the outdated processes that still exist within modern frameworks.
“The challenge really is the time it takes to initiate payment. In Acumatica, you generate the payment, and I’ve heard stories where clients are exporting a file and going into a bank portal to input that NACHA File. There’s risk there because there’s data being transferred, exported, and imported.”
This cumbersome process introduces inefficiencies and potential errors, as users must navigate multiple systems to complete a simple transaction.
Vendor Inquiries and Fraud Risks
Another significant issue Natalia pointed out is the difficulty surrounding vendor inquiries. When businesses juggle multiple systems, it complicates the resolution of issues related to payments.
“If they’re going into an X system instead of their home ERP, it becomes a challenge to track down inquiries and resolve them quickly.”
Moreover, the risk of fraud in payment processes is heightened, with threats lurking in both email communications and physical documents.
A Call for Streamlined Solutions
As Natalia and Jeremy discussed, the need for a more integrated approach to payment automation is clear. Businesses must evolve their payment strategies to minimize time spent on manual tasks and reduce the chances of fraud.
“The problem is not just the rails of the payment type; it’s really the time it takes to address payment, bank portals, and vendor inquiries.”
Focusing on these critical areas could help businesses transform their accounts payable processes from a headache into a streamlined, efficient operation.
With her decade of experience at Avid Exchange, Natalia Harris offers valuable perspectives on how companies can navigate the complexities of accounts payable. For those interested in learning more about these insights, the full episode is worth a listen.
You can listen to this episode and more from The acu-connections Podcast here or on Spotify, YouTube, or Apple Podcasts.
