Accounts Payable Services & AP Automation Providers in Cincinnati, OH

Heartwood Advisors is a Cincinnati, Ohio, cost reduction consultancy. It does not run accounts payable work in-house. Instead, it connects mid-sized and larger organizations with specialist partner firms that cut operating expenses, and it presents itself as the client's advocate in finding those savings. Accounts payable automation is one of its main offerings, alongside several other expense categories.

For buyers comparing AP providers, the key point is that Heartwood acts as an advisor and channel to a third-party payments platform rather than as a software vendor.

Accounts payable automation

The AP program is aimed at companies with roughly $10 million to more than $1 billion in yearly vendor payments. Heartwood's AP partner has been operating for over three decades and was an early adopter of virtual card payments about ten years ago.

According to Heartwood, this provider moves on average more than 30 percent of a client's payables to virtual cards. The resulting card rebates go back to the client, which can turn the payables function into a source of revenue. Payment approvals can also be handled from a mobile app.

• Access to a B2B payments network
• Single-use virtual card payments
• ACH for suppliers that do not take cards
• Ghost card programs
• Foreign exchange payments
• Check disbursement
• Automated invoice reconciliation, plus audit history and policy reporting

The platform reportedly connects with more than 400 accounting systems, including widely used ERPs. It can mirror a client's current approval workflows and give a single view across all payment types. Companies can also embed it in their own applications to issue digital payments.

The partner checks its card-network supplier data to see which vendors already accept cards, then contacts the remaining suppliers to explain the advantages of moving from checks to card payments.

Case examples on the site include an oil equipment company that cut the time spent processing payables by a third, a company that stopped repeated card fraud, and a home builder in Cincinnati who approves contractor payments by phone.

How engagements work

Heartwood runs a simple three-step process. It starts with a short consultation to find pain points, then puts forward a tailored solution, and finally handles a turnkey implementation. Engagements are contingency-based, so the firm is paid out of the savings it delivers. If no savings or new revenue appear, the client owes nothing. The firm states that it will sign a non-disclosure agreement before collecting detailed information. It also cites more than twenty years of experience in cost recovery.

Other services and industries

Beyond AP, Heartwood's partner network covers:

• Tax mitigation and credits
• Earned wage access
• Utility bill auditing
• Shipping and LTL cost reduction
• Wireless optimization
• Merchant processing fee reduction
• Laundry and linen contract review
• Self-funded health plans

The firm lists dozens of sectors it serves. These include hospitality, restaurants, healthcare, manufacturing, construction, retail, auto dealerships, nonprofits, schools and universities, and government facilities. On the AP page, it specifically names consumer packaged goods, high tech and private equity. Todd A. Nye, a senior advisor, is the named contact for the AP program.