With the recent launch of Sage Intacct 2022 Release 1, we are pleased to announce the general availability of Vendor Payments powered by Corporate Spending Innovations (CSI). With Vendor Payments, customers can now automate their payment process within Sage Intacct, helping to eliminate manual check processing and reduce accounts payable (AP) costs by thousands per year.
Chip Mahan, Global Head Payments & Banking for Sage, recently commented: “This is an exciting day for Sage as we make this fully embedded automated vendor payments capability available to all our Sage Intacct customers. We have worked closely with CSI to deliver a trusted payments platform as part of a seamless AP journey that saves time and money for our customers.”
The high cost of vendor payments
While the adoption of payment automation solutions has been increasing over the last couple years, research done by Ardent Partners shows that about half of the organizations they surveyed still rely on manual payments. These manual payments continue to be a top pain point for many organizations because they are time-consuming and costly. Beyond the obvious costs such as labor to process the checks and postage costs, there are many less obvious costs and limitations as well. These include challenges with remote work, fees for lost or delayed checks, missed payment discounts, increased rework, and more.
While all companies want better payment automation, the cost barrier is often high, requiring setup and subscription fees, bank connections, and reconciliation of payment status across payment solutions and your accounting system.
A new way to pay
With Sage Intacct Vendor Payments powered by CSI, setup and subscription fees as well as reconciliation barriers are eliminated. This makes payment automation realistic for all organizations, both large and small.
David Disque, President of Corporate Spending Innovations, had this to say about their relationship with Sage: “We’re thrilled about this strategic partnership, which combines CSI’s advanced payments processing technology with market leading Sage Intacct Accounting. CSI’s fully embedded integration will leverage CSI’s robust API library and result in a frictionless user experience. Accounts payable teams will have a complete solution of secure payment workflow and efficient digitization of all B2B payments without having to leave Sage Intacct.”
Save hours by eliminating manual check processing
With Vendor Payments, you submit payments in Sage Intacct, and CSI takes care of the rest. No more printing checks, stuffing envelopes, or going to the post office. Just think of the hours you’ll save every month. Customers such as Agemark, a respected organization with over three decades of experience in senior living development and management, are excited to continue realizing the benefits of Vendor Payments.
Agemark Corporate Controller, Alicia Summers, commented: “We finally have some automated payment options. We have over 10,000 vendors, over 75,000 invoices, and print over 25,000 checks annually. As we continue to enroll vendors in CSI, our savings will continue to grow.”
Streamline your payment process and increase visibility
Vendor Payments streamlines your payment process from bill to reconciliation. The entire process takes place within Sage Intacct with full visibility at every step. No jumping between applications for payment status or to run reports. You can pay from multiple business entities and bank accounts. And reconciliations are easier with Sage Intacct auto-matched payment transactions. You’ll save more time while also decreasing errors.
Pay vendors the way they want to be paid
CSI offers multiple ways to pay vendors, including check, ACH, and virtual cards. CSI reaches out to your vendors to get their preferred payment method and required bank or address information, saving you that step. With electronic payment options, vendors get fast, secure, and paperless payments. And because your payments get there consistently and on time, you can take advantage of payment discounts while reducing the time and costs of payment reissues.
Get cash rebates
If your vendor agrees to be paid by onetime-use virtual cards, you’ll receive rebates to offset CSI’s already low transaction costs. CSI does the outreach, so you just sit back and collect the cash.
Vendor Payments is part of Sage Intacct Accounts Payable. There are no subscription or setup fees. You can subscribe, apply to CSI’s service, and enable it yourself. Best of all, it’s built and supported by Sage Intacct for streamlined support.