As a company in the real estate industry, your payables processes are likely to be complex, intense and unique. You may be paying small contractors for maintenance and lawn care, and larger vendors across your footprint for professional services and property improvements; and engaging with your financial institutions to meet deadlines and requirements for an evolving range of payments as you buy, sell, lease and rent out properties.
Getting a handle on all of these diverse payment streams has the potential to improve your net income and offers other benefits as well.
When you pay an invoice, you’re not just sending money out the door. You are taking on costs every step of the way. Every resource used in the payables process may increase Days Payables Outstanding (DPO) and require the attention of staff who might be better deployed elsewhere.
Consider thinking of payables in a new way — as a tool to manage your bottom line. To do that, you need to view the process as a whole.
Best practices suggest:
End-to-end invoice processing comprises centralized receipt of supplier invoices, related image and data capture and automated matching and web-enabled approval workflow.
Steps to Reduce Costs and Improve Net Income
In order to reap the considerable benefits of invoice automation, consider reaching out to your bank to implement the following steps:
Address Compliance and Industry Standards
Invoice automation can also help you streamline your compliance reporting and bring your processing up to the highest industry standard.
To learn more, please contact your PNC Real Estate Relationship Manager.
More than 60% of finance professionals are optimistic about the impact of faster payments on their organizations.
Source: 2016 AFP Electronic Payments Survey, Report of Survey Results
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