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Top 10 Business Expense Management Solution Companies - 2018

PayfileIQ: Don't Wait Two Years

Todd Calman, CEO

When it comes to managing accounts payable workflow, most companies agree that manual paper-bound invoice processing is clumsy and hard to track. Keeping an accurate paper trail or even finding key documents can become a major task for organizations, slowing down their productivity and increasing the risk of errors. To add to these burdens, there is an ever-increasing cost of labor to accommodate the mounting volumes of paper invoices, especially in companies that are merging or acquiring new locations. Some firms have found a way to ease these limitations by exchanging invoices digitally via electronic data interchange (EDI). Even then, the challenges of manually validating and approving the invoices through various hierarchical levels remain. Companies continuously need to wrestle with the inefficiencies of receiving paper invoices and matching them against purchase orders and general ledger coding. In the wake of these growing inefficiencies, that causes delays in vendor payments and management reporting, “automation” is the silver bullet needed to simplify reconciliation, streamline accruals, and produce more accurate cash outflow management. This is where PayfileIQ cements their cornerstone. The company, a non-reseller, automates the management of accounts payable (AP) and accounts receivable (AR) with quicker approvals and fewer journal entry steps.

However, Todd Calman, CEO of PayfileIQ, notes that with changing any old habit, there is trepidation and pessimism. PayfileIQ faced similar pushback when they first contacted what is now their loudest advocate. “Many organizations look at an AP automation project as something down the road.”

Your approval is our top priority!

Validating this statement, he narrates an experience he encountered while talking to Kristi Mehringer, AP supervisor for SERVUS!—a large food service operator. “When we asked Kristi if she was looking to improve her invoice approval process, her immediate response was ‘yes’ and then asked us to call her back in two years,” says Calman. Even to this day, most C-suite executives think implementing automation is a costly, time-consuming proposition that their organization is not presently ready to undertake.

PayfileIQ packages its scalable accounts payable automation solution at three affordable price points to suit the needs of every organization. “Our efforts, nonetheless, are mostly targeted toward mid-market companies with a multi-level approval process,” adds Calman. PayfileIQ’s basic package is $950 a month while the advanced and enterprise plans are $1500 and $2500 a month respectively. The basic plan delivers exceptional value at an introductory level. All three plans include unlimited users, unlimited approval levels and unlimited approval alerts. Apart from that, PayfileIQ is also adept in maintaining vendor spends history, archiving invoices, and building unlimited customized reports. Needless to say, this cost-efficient approach immediately prompted SERVUS! to implement PayfileIQ, and within two weeks, had over 50 employees using the solution. “Utilizing PayfileIQ, SERVUS! immediately saw a reduction in lost, misplaced and misfiled invoices and an increase in transparency and productivity as delays in the approval process stopped. Measurable time stamped approvals went from days to hours. This speaks volumes about the value we add to a company,” remarks Gala.

Additionally, PayfileIQ offers a standalone bill payment services. For your company’s check run, you can send them a batch payables file (Payfile) and funds (ACH) and they will do the disbursement on your behalf. “Our solutions are custom-built and driven by the needs and pains of our clients,” states Gala. “At the conclusion of all of our demo’s, the customer quickly learns how committed we are about understanding their AP challenges and providing them affordable options,” concludes Calman.