6 Ways Real Estate Companies Can Cut Costs, Time, and Risk in the AP Department

1. Optimize your workflows

Analyze your existing processes and identify any bottlenecks that are occurring. As you do this, consider centralizing and standardizing AP in one place, such as an AP automation solution, so you can continually optimize performance.

2. Team up with experienced fraud-fighting pros

Payment fraud is bad news and it’s everywhere in real estate due to high transaction volumes.

Team up with an experienced technology partner to secure your payments against fraud and reduce your risk.

3. Cut back on paper checks

Checks are both fraud-prone and costly. Because they can take so long to issue, your real estate business might be missing out on early payment discounts. By switching from checks to electronic payments, however, you can open up this opportunity for cost-savings.

4. Prioritize visibility

With so many invoices and payments circulating at your company, giving every stakeholder a view into where things stand can save you a lot of time. Provide users with the ability to self-serve and check in on invoice and payment statuses.

This is all possible with an AP automation solution, which can also provide real-time data, reporting, and dashboards.

5. Strengthen supplier ties

Your suppliers are essential to your real estate business, so keeping them happy and maintaining a good relationship is paramount.

By sending them fast, secure electronic payments and providing them with online tools to simplify their AR, you can do just that.

6. Empower AP employees

When you cut down on paper and manual tasks in the AP process, you’ll be doing more than reducing costs and saving time.

You’ll also be enabling team members to focus on things like strategic planning, budgeting, and cash management activities — all of which can help the business grow.