Comdata, a FLEETCOR company (NYSE: FLT) and leader in corporate payment innovation, today unveiled ASAP, an automated, streamlined accounts payable solution that helps businesses eliminate the manual burden of processing invoices, paying bills and reconciling their books. Paired with a dedicated service team,
ASAP is designed to work with a company’s existing accounting software to make accounts payable centralized, electronic and simple.
“Our mission is to make corporate financial operations as seamless as what we experience as consumers,” said 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.”
ASAP by Comdata helps growing small and mid-size companies eliminate paper and manual data entry in their accounts payable process, minimizing errors and unnecessary financial risk. Industry research shows that the cost to process and pay a single paper invoice is $17 (approximately $12 to process a single invoice and over $5 on average to process a paper check) and takes 10 business days. ASAP cuts that cost by up to 80%, while reducing the time it takes to process and pay invoices to as few as three days. ASAP clients maintain full control of their approval process, who they pay, how much and when. This new solution simply removes much of the manual effort surrounding accounts payable.
“The value ASAP brings to companies is not only in the efficiencies it enables but also the financial security it creates, the controls it enhances, and most importantly, the productivity it allows by eliminating tedious administrative tasks,” said Vijay Ramnathan, SVP of product and growth strategy at Comdata. “It’s long overdue for businesses to be able to enjoy a seamless, automated accounts payable experience that leaves them with added time and resources to focus on more important work.”
By moving to an automated, electronic payments solution like ASAP, companies can also significantly reduce the risk of check fraud – an issue that affects 3 in 4 businesses. The solution’s payment delivery methods bring cutting-edge technology that minimizes fraudulent transactions and detects suspicious activity. ASAP leverages the combined payments and invoice management solutions of Comdata and its long-time partner, AvidXchange, to meet the unique needs of growing businesses.
“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. 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,” added Ramnathan.