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Slipstream Financial - PDF

Slipstream Financial | Expert Financial Planning & Investment Management<br><br>Description:<br>Discover top-notch financial planning and investment management services at Slipstream Financial. Trust our experts for your financial success journey.<br><br>Url: https://www.slipstreamfinancial.com/

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Slipstream Financial - PDF

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  1. Slipstream Financial

  2. STREAMLINING BUSINESS FINANCES: CORPORATE PAYMENT SOLUTIONS After researching our customer and prospect databases, we find In 2023 corporate America still makes over 50% of its payments via check. Perhaps your company falls somewhere near this statistic? This persistence in using a paper-based approach led us to investigate the underlying reasons for this bad habit.. The findings were far from compelling, but they shed light on the challenges faced by businesses:

  3. TRADITION PREVAILS OVER PROGRESS: One of the most commonly cited reasons for the continued use of checks in corporate payments is the adherence to historical convention. It's often the case that the phrase "that's how we've always done it" becomes the default justification. However, this should never be a sole reason for maintaining outdated processes, especially when modern alternatives are readily available.

  4. ERP SYSTEM LIMITATIONS: Another significant roadblock to adopting modern payment methods lies in the limitations of ERP (Enterprise Resource Planning) systems. Many companies struggle to efficiently collect, track, and manage ACH bank routing numbers and account numbers within their existing ERP systems. Additionally, some organizations view housing this sensitive financial data as a potential liability.

  5. INERTIA IN VENDOR-PAYOR RELATIONSHIPS: Transitioning to modern payment solutions is also hindered by the inertia within vendor-payor relationships. Many payors lack a structured process to actively encourage and facilitate their vendors in moving away from check-based payments. This inertia perpetuates the reliance on outdated payment processes.

  6. TURNING ACCOUNTS PAYABLE INTO A PROFIT CENTER The good news is that adopting modernized payment solutions is not as daunting as it may seem. In almost 100% of cases, it proves to be an accretive process that can transform the accounts payable (AP) department into a profit center. The concept of AP as a profit center might raise eyebrows initially, but understanding payments modernization reveals its simplicity.

  7. SLIPSTREAM FINANCIAL

  8. HARNESSING THE POWER OF A MODERN PAYMENTS HUB Central to the transformation of accounts payable is the use of a modern payments hub. This sophisticated solution streamlines the entire payment process by consolidating AP into a single payment file that can be efficiently approved and executed. The results are impressive, with approximately 20% of payments transitioning to virtual cards and another 25% shifting to ACH within the first 90 to 120 days of implementation. This rapid transition significantly reduces reliance on cumbersome check payments.

  9. THANK YOU Website Email Address www.slipstreamfinancial.com sales@slipstreamfinancial.com

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