How AP teams can simplify cross-border payments and bill approvals with automation

For accounts payable (AP) teams, managing international payments can feel like navigating a maze. Multiple currencies, complex compliance requirements, and fragmented workflows create bottlenecks that slow operations and increase the risk of errors.

It’s no surprise that 64% of AP teams cite outdated processes as their biggest hurdle. In today’s fast-paced global economy, traditional methods are no longer sustainable.

So, how can AP teams streamline these processes, ensure compliance, and future-proof their workflows?

The top challenges AP teams face when managing cross-border payments 

Cross-border payments are much more than simple transactions. They’re a complex web of operations that can overwhelm even seasoned AP teams. Here’s why:

• Manual overload: Tasks like calculating exchange rates, preparing wire transfers, and chasing multi-level approvals often lead to delays and inefficiencies without automation.
• Fragmented approval workflows: Managing 20+ bills in 5 different currencies? Without a unified system, approvals become chaotic, relying on email threads and spreadsheets that make tracking nearly impossible.
• Currency risks: Exchange rate fluctuations can lead to inaccurate financial reporting or unfavorable conversion costs.
• Vendor relationship strain: Errors and delays in cross-border payments erode trust and damage relationships crucial for smooth operations.
• Regulatory complexities: Adhering to international laws is overwhelming, with manual processes increasing the risk of non-compliance, fines, and reputational damage.

These challenges drain resources, hinder visibility, and hurt financial stability. Add to that the costs of wire fees, fluctuating conversion rates, and invoice processing inefficiencies—it’s clear that traditional methods aren’t just outdated, they’re costly.

Why AP automation is essential to simplify global finance operations

For businesses managing global operations, automation isn’t just a convenience—it’s a necessity. Here’s how it addresses the complexities of cross-border payments:

• Streamlined payment processes: Automation ensures every bill, approval, and transaction follows a structured, error-free workflow, reducing delays and inefficiencies.
• Real-time currency insights: Access live exchange rates to optimize payment timings and reduce conversion losses.
• Bulk payment processing: Group hundreds of bills across currencies and vendors into a single batch, saving hours of manual effort.
• Built-in compliance: Automation embeds regulatory checks into workflows, ensuring adherence to SOX and COSO.
• Improved vendor relationships: Automation ensures timely payments and real-time updates, building trust and strengthening partnerships.

By automating cross-border payments, AP teams can eliminate manual bottlenecks and focus on strategic growth instead of repetitive tasks.

How Finofo simplifies cross-border payments with end-to-end automation

Finofo’s AP automation solution is built to simplify and scale global operations. Here’s how it works:

• Pre-built ERP integration: Pull unpaid bills and beneficiary information directly from your ERP system with a single click. No manual uploads, no missed details—just instant data sync.
• Automated bulk batch payments: Consolidate hundreds of bills across vendors and currencies into a single batch. Finofo supports 25+ multi-currency accounts with real-time conversions, eliminating FX fees and delays.
• Instant approval routing: Automate multi-level approvals for cross-border transactions, with workflows tailored to regions across the US and Canada. Notify stakeholders instantly and maintain policy compliance at every step.
• One-click payment execution: Once approved, pay hundreds of bills in multiple global currencies with a single click.
• Real-time ERP reconciliation: Push payment data back into your ERP automatically, ensuring accurate records and seamless reconciliation without extra effort.
• Always audit-ready: Maintain comprehensive audit trails for every transaction. From approvals to execution, every action is logged for regulatory compliance.

Growing mid-market businesses trust Finofo for their global payments. Are you still managing wires manually, chasing approvals, and spending hours reconciling transactions?

Finofo simplifies it all—reducing currency conversion costs, saving time, and giving you complete control over cross-border payments.

Book a demo today and see how we can simplify your AP workflows!