Many companies that handle high volumes of financial transactions are still relying on pre-Internet, manual or card-based processes. It is an issue rarely discussed within ERP circles.
Removing such friction from accounts receivables and payables frequently require an ERP platform to offer a dedicated solution that can manage integrated payments for example via the creation of a one-stop-shop where customers can remit digital payments within an invoice. After an invoice clears, the statement can be reconciled in real time.
Sounds simple, doesn’t it? Yet, many firms that have already invested in ERP are not able to avail themselves of such vanilla functionality that can also come with a high degree of security and offer customization options.