Due to the worldwide pandemic, your finance team has really been put to the test lately, especially concerning its payments process.
It’s had to keep invoice and payment workflows on track, often in new remote environments or with unexpected procedural changes. And though things will eventually return to some semblance of normalcy, you know they’ll likely never be the same as they were before.
A wake-up call
In fact, B2B payments will see some major changes post-coronavirus, say the experts from OnPay Solutions. Inefficient processes that were before looked at as long-term goals have proven to be huge liabilities and high-level concerns. The recent months have raised new questions, like “How can we process manual invoices and checks if we’re not in the office?” and “What happens if the post office closes or puts off our nonessential mail?”
In the aftermath of the pandemic, your department will likely have to do some adjusting. Here are three major payments concerns you’ll want to address, presented by OnPay Solutions:
1. Backup plans
The pandemic proved why it’s dangerous for Finance to put all of its eggs in one basket. Recently, many companies that normally handle things in house had to quickly enlist off-site check printing and invoice handling services.
Once back in the office, you may want to discuss the idea of having a more permanent partner for backup check printing and invoice processing in the future. That way, if your company finds itself in a bind again, your payment process can continue without delay.
Up until now, some companies have put automating more payments on the back burner. But COVID-19 has made companies open their eyes and realize just how necessary upgrades are.
That said, due to the negative financial impacts of the pandemic, you know budgets will be tighter than ever. So, you could ask A/P to look into cost-effective tools (e.g., apps, programs, features) that will not only help in the event of another unexpected crisis but spur more savings and process efficiency in everyday operations.
3. Electronic payments
Could the coronavirus pandemic be the catalyst that finally makes companies ditch paper checks? Experts say “yes.” Before COVID-19, OnPay predicted that paper checks would be bygones by 2030. Now, it expects that to happen much sooner, believing many companies will immediately make the move to ditch paper checks for electronic payments.
In light of that, your finance team could start reaching out to vendors that you still send checks to and pushing for alternative payment methods. Perhaps your team could even draft a statement or memo explaining the manual issues encountered during COVID-19 and why you’d like them to switch to electronic payments. And providing several options (e.g., ACH, wire, card) will show your willingness to work with them and find what’s best for both sides.