Comdata, which makes corporate payment software solutions, has released ASAP, an automated accounts payable solution for processing invoices, paying bills and reconciling books. ASAP users get access to a dedicated service team that works with a company’s existing accounting software to centralize the accounts payable function.
According to research from Ardent Partners (that was sponsored by bill payment software provider Avidxchange, a partner of Comdata), the cost to process and pay a single paper invoice can reach $17, and can take 10 days. Comdata’s new product is estimated to cut that cost by 80 percent, according to the company, and reduce the time it takes to process an invoice to three days.
Another issue with manual processing of checks is fraud, which affects 75 percent of businesses at some point, according to research from JPMorgan Chase. ASAP has built-in fraud detection technology that monitors suspicious activity
ASAP clients maintain control of their approval process, who they pay, how much and when — the software is meant to reduce manual effort.
“Our mission is to make corporate financial operations as seamless as what we experience as consumers,” stated Kurt Adams, president of Comdata’s corporate payments division. “Between paper checks, manual processes, fraud and fragmented tools and software — companies spend too much time and money managing accounts payable instead of growing their core business. ASAP is our solution to that problem.”
“There is a significant segment of companies in need of a better way to pay, but unable to find a solution that fits just right,” said Vijay Ramnathan, senior vice president of product and growth strategy at Comdata, in a statement. “Most existing AP solutions are designed for very small businesses or large enterprises. We believe ASAP by Comdata will provide companies that have outgrown small business status with their ‘Goldilocks’ moment.”
Pricing for ASAP was not immediately available, but for more information, visit https://asap.comdata.com/.
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