Rapping has added a fully liquid, high-interest bank account to its accounts payable (AP) automation solution.
The new offering will allow companies to earn interest on AP floats, use those earnings to cover subscription costs of the AP solution and convert their AP into a new revenue stream, the company said on Tuesday (August 13). Press release.
“We understand the financial constraints that businesses are currently facing and the importance of demonstrating a tangible ROI that actually puts money in your bank account,” said CEO and founder of Centime BC Krishna the press release states. “That’s why we package our AP automation solution in a way that not only streamlines operations, but also gives you a clear path to recoup your spend and even make an immediate profit with AP.”
Centime’s cash management platform is designed for small and medium-sized enterprises (SMEs). It manages AP, accounts receivable (AR) and banking solutions on one platform and uses automation and artificial intelligence to help with forecasting, collections, invoicing, payments, credit and reporting, the press release said.
The platform streamlines the AP process and reduces the need for manual processing of invoices and payments according to the publication.
For organizations that focus their digitalization efforts on modernizing finance, Back officeData integration and the complex, interwoven relationships between the individual finance functions are essential to gain a clear overview of financially Health, Krishna told PYMNTS in an interview published in August 2021.
“Cash forecasting is a means to an end – not an end in itself,” said Krishna. “You still need the levers be able to Managing your cash so that you can achieve the goals you have set for your own business.”
The PYMNTS intelligence report “Accounts Payable and Accounts Receivable Trends: What’s Next in Automation?” found it completely automation AP and AR processes enables companies to reduce labor costs, reduce errors, and process large transaction volumes more quickly.
More than 70 percent of midsize companies that fully automated their accounts payable processes reported being satisfied with the results. The same figure was true for 40 percent of companies that used partial automation, the report found.
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