PROVIDENCE, R.I. (WPRI) — A newly implemented accounting program could save the capital city hundreds of thousands of dollars this year.
An expected $250,000 in revenue will be seen in Providence now that the city has begun their e-payable program. An announcement about the system on Monday explained that it allows for the city to pay vendors electronically instead of with paper checks.
According to City Treasurer James J. Lombardi Esq. CPA, that estimate could even grow if more vendors opt into the program.
“Funds are delivered to them quickly; there is not the typical 30 day or more waiting period. This program is saving vendors a lot of time and it also mitigates fraud and extra paperwork. Businesses that sign up automatically obtain a priority payment because of the efficiency of the system,” said Lombardi.
Vendors have a choice of whether to be paid electronically or with a traditional paper check, but Lombardi stated that he anticipates major participation growth in the years ahead.