Most real estate companies in the past few years have taken numerous steps to increase efficiency in their accounts receivable department but have often overlooked the significant savings potential in accounts payable. Widespread adoption of Internet-based transaction software has created an opportunity for real estate companies to implement a broad range of AP best practices solutions resulting in significant efficiencies. The following is an example of how one industry leading commercial real estate company has used internet-based technology to implement an AP solution which allowed them to implement best practices with resounding success.

The number of paper invoices we receive on a monthly basis is staggering. The paper not only weighs our processing time down but we’re missing early payment discounts that could add up to thousands of dollars on our bottom line. How can we reduce the time to process without compromising the approval policy?

Even though our big vendors submit invoices using EDI, most of our smaller vendors still send paper invoices. Every month, we swim in an endless sea of paperwork. A good number of our vendors are computer savvy and have expressed interest in submitting invoices electronically. We simply don't have the internal resources or the time to figure it out.