Payments Dive Features Paymerang’s Strategy for Recession-Proofing Your Business Office

In a recent Payments Dive feature, Paymerang CEO Nasser Chanda discussed how recession-proofing your business starts in the Accounts Payable (AP) department.

“Assessing the state of your Accounts Payable department and ensuring that your organization is financially prepared to handle the unexpected is a great starting point for succeeding during an economic downturn,” Chanda said.

Many organizations still rely on manual, paper-based processes, making it challenging to navigate economic uncertainty. Traditional invoice and payment processing are inefficient, costly and lack visibility. Recession-proofing your business with AP Automation ensures you can be resilient and achieve long-term goals to thrive in 2023 and beyond, no matter the economy’s state. Here’s how:

Minimizes the impact of staff turnover

AP Automation allows you to regain momentum in your business office even when resources are limited due to staff turnover. To recruit and retain top talent, businesses must implement and leverage several creative tactics such as expanding remote work operations and digitally transforming the workplace. Automating the invoice-to-pay process ensures that your finance team is working efficiently and eliminates tedious manual tasks so that finance staff can focus more on strategic initiatives and mission-critical tasks.

Manages cash flow and gains visibility into your organization’s finances:

The cost of inefficiencies that come with a manual invoice-to-pay lifecycle – poor visibility, high costs, past-due payments, difficulty scaling and overworked staff – are challenging for departments and reduce P/L or increase costs. Best-in-class Invoice Automation solutions use artificial intelligence to capture, read and route invoices, while giving your team a fail-safe electronic paper trail.

“Though recessions are most certainly daunting, AP Automation is a silver lining,” Chanda added. “It can help you navigate a slowing economy and weather financial storms by cutting overhead costs, increasing efficiency and keeping a critical eye on cash flow.”

Click here to read the full article on the Payments Dive website.

Jaclyn Barton

Jaclyn Barton