Why outsourcing accounts receivable and accounts payable is the ultimate solution in 2023

Whether you are transforming accounts receivable or accounts payable – in 2023, SameDayPay.io will create a cost-effective solution tailored to your needs to combat the upcoming staffing crisis.

Businesses of all kinds are facing staffing shortages. From retail to real estate to construction, the struggle to hire people is more felt than ever.

Within those businesses, there is a staffing crisis occurring in accounts receivable and accounts payable departments. For a myriad of reasons, these positions are becoming harder and harder to fill, and it is costing companies time and money.

The good news is that businesses looking to fill the gaps in their accounts receivable and accounts payable departments can turn to SameDayPay.io

What causes shortages in AP and AR?

The hiring challenge within AP and AR departments has proven to be a perfect storm. There are various factors that have come together to create this problem. Baby boomers are retiring in large numbers and there is not enough interest in jobs in AP and AR spaces to make up the difference. Many companies have multiple locations, which means multiple AP and AR operations need managing, and the pool of employees is becoming too shallow.

Add in the coronavirus, which fast tracked these trends as well and caused mass layoffs and furloughs, putting businesses in quite the predicament. The fact also remains that people are more comfortable with remote work, making processes more difficult, time consuming, and expensive.

These variables paint a grim picture for business leaders looking for AP and AR professionals, however, help is on the way.

SameDayPay.io to the rescue

Whether in times of crisis or success, the benefits of a partner for accounts payable and accounts receivable are endless: reduced head count, unlocked cash flow, improved vendor relationships, cost savings, and much more. The right provider will automate accounts receivable and accounts payable by implementing the right technology needed to maximize efficiencies and enable growth by serving as an extension to your teams.

From a staffing standpoint, managed AP and AR services can fill the gaps in resources with automation technology. Time consuming tasks like data entry, approval workflows, and invoice processing are no longer burdens, which means resources spent on back-office support can go towards more important company initiatives. Reallocating AP and AR tasks to SameDayPay.io saves money in head count, eliminated checks, and payments rebates.

But the thing about managed services is that it is not about taking over tasks with process automation technology to lower costs, it is about enlisting a solution tailored to achieve target business outcomes, and those outcomes are not limited to fixing staffing problems.

There is a consultative and collaborative aspect to SameDayPay.io’s services that go beyond implementation to ensure these processes are sustainable and deliver value, such as:

· Organizational efficiency and scalability

· Payment optimization

· Working capital improvement

· Risk and fraud reduction

· Elimination of bad debt

· Dispute prevention

· Reduced DSO

So, if the problem is staffing shortages, or some other headache within the AP and AR departments, making the switch from in-house to SameDayPay.io is a viable solution.

The SameDayPay.io difference

SameDayPay.io solutions house everything – services and technology – under one roof. Sure, a technology service provider, business process outsourcing (BPO) organization, or consulting firm can give you some element of a value proposition, but not all of it. SameDayPay.io acts as a single provider of technology and services, while prioritizing metrics and best practices to drive results.

Managed AP	Managed AR
DPO Optimization	DSO Optimization
Revenue generating payments	Working capital improvement
Continuous improvement	Customer success
Business visibility	Analytics and reporting
Straight through processing	Payroll funding

SameDayPay.io is a payment platform using blockchain technology to provide maintenance contractors with the first fully integrated solution for invoice factoring and payroll funding.