Hartford Business Journal

S P O N S O R E D C O N T E N T By Allison Standish-Plimpton, KeyBank Business Banking Sales Leader C OVID-19 has changed the corporate work- place. Offices once full of people are now nearly empty. Work once done in the office is now being done at home. With so many remote workers, companies have been forced to re-exam- ine high touch processes and are looking to high tech solutions for the remote work environment. Even before COVID-19, recent technological advancements have driven solutions that address increasingly specific business-to-business (B2B) pain points. B2B payments, in particular, have benefited from this specialization in what Deloitte 1 referred to as a "tectonic shift" in the landscape. With Goldman Sachs 2 estimating the B2B pay- ments market will reach $200 trillion by 2028 — over 5 times the volume of the retail payments market — the potential impact is significant. Yet many businesses still process invoices manu- ally with paper checks and "wet" signatures. According to Goldman, 70% of small and medi- um-sized business payment volume is still paid through paper check, and companies currently spend $2.7 trillion globally on manual, paper- based processing. It's not only time and staffing intensive, but prone to errors and requires work to be done in person — a challenge for business continuity. Stay-at-home orders in response to the coronavirus pandemic have made the latter challenge even more evident, causing AP staff to scramble to get necessary approvals or go into closed offices to print checks. Tactical and strategic benefits of AP Automation The good news is Accounts Payable (AP) Au- tomation can solve these challenges, save time and personnel resources and give businesses flexibility and security in uncertain situations. A cloud-based platform integrates with enterprise resource planning (ERP) systems, allowing for payments to be processed from anywhere. When coupled with automated invoice receipt and ap- proval, AP departments can receive, review and approve invoices remotely while retaining ap- proval controls and rules. Company stakeholders have transparency to where and when payments are issued, can easily answer supplier questions, and have a real-time view of available funds. Organizations that automate and successfully transform their AP departments are also able to set holistic goals that are both tactical and stra- tegic. Typically, organizations struggling under a manual process only have the bandwidth to focus on tactical improvement goals — like reducing paper costs or improving data entry quality. In contrast, automated organizations can use more of their time and resources in an analytical capac- ity, such as cash flow management and working capital optimization to help the company improve its financial position and grow. Now, more than ever, innovative technology can move back-office operations beyond tactical execution centers to strategic contributors. To help their teams reach their full potential, financial leaders must recognize the symbiotic relationship between tactical enhancement and strategic de- velopment. Companies that identify and prioritize the opportunity to move from high touch to high tech environments will have a significant advan- tage in a business payments landscape that is consistently reinventing itself. This material is presented for informational purpos- es only and should not be construed as individual tax or financial advice. Please consult with legal, tax and/or financial advisors. KeyBank does not provide legal advice. All credit products are subject to credit approval. KeyBank is Member FDIC.© KeyCorp 2020 CFMA 201026- 897695 Allison Standish-Plimp- ton is Business Banking Sales Leader for KeyBank's Connecticut and Massa- chusetts market. She and her team provide an array of customized financial services to businesses, in- cluding electronic payment solutions. Allison can be reached at 860-645-2583 and Allison_Standish_ Plimpton@keybank.com. B2B Payments: Moving from High Touch to High-Tech All credit, loan and leasing products are subject to collateral and/or credit approval. SBA Preferred Lender. Key.com is a federally registered service mark of KeyCorp. ©2020 KeyCorp. KeyBank is Member FDIC. 190104-521095-1183907962 key.com From cash management to employee solutions, SBA Loans to equipment financing and leasing, businesses rely on our products, services, and expertise to stay ahead of the competition. For businesses, executives, and owners, we are truly your one-stop bank for all your financial needs. Use the red key ® to grow your business. 1. https://www2.deloitte.com/us/en/pages/financial-services/articles/b2b-payments-for-the-middle-market.html 2. https://knowen-production.s3.amazonaws.com/uploads/attachment/file/3460/Global%2BTechnol ogy_%2BB2B_%2BHow%2Bthe%2Bnext%2Bpayments%2Bfrontier%2Bwill%2Bunleash%2Bsmall%2Bbusiness%2B.pdf

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