Improve Payments With Accounts Payable Automation

Top Reasons to Automate Accounts Payable

Despite the fact that tech makes Accounts Payable payment automation a standard for a lot of organizations, 60 % of companies in the United States do not know of the countless benefits of A/P automation. Leveraging software programs to apply the process in manner that is seamless and effortless, the following are our main five reasons to automate.

Cash Optimization
Accounts Payable automation lets A/P to correctly project its pending cash requirements, therefore eliminating guesswork. With increased transparency from A/P automation, awareness into the system allows your A/P department to concentrate on tasks and priorities that will impact your department with value add activities.

Reinforce central controls
A manual A/P method is prone to fraudulent activity. You add to the challenges of human error, late payments, missing invoices, and the dreaded rush invoices. An automated A/P process embeds controls that put a stop to and discourage fraud.

Enhance Exposure
The obsolete manual method suffers from lack of visibility, in which can result in failing to acknowledge a segment of liabilities. This can understate operating expenses as well as overstate revenue, which could cause accounting and reporting irregularities and ultimately fraud. A/P automation produces a whole audit trail of every part of the process, and enables management to quickly resolve potential difficulties.

Please Customers
Your vendors prefer a more beneficial payment method. More efficient payments result in savings and cost savings for you. Whenever you pay your clients by means of virtual credit card, which is a single issued card for a one-time use, you will earn monthly cash rebates. It’s equally beneficial for Accounts Payable and Accounts Receivable. Your customers experience more efficient, seamless payments and your A/P Department pivots to a revenue generator.

Improve Quality
Avoid error, delay, and pointless costs with an automated A/P process. A/P errors can be very expensive and take many resources to manually remedy. With payment automation, you can see where, when and why mistakes took place. In contrast to the manual procedure, with ap solutions automation you’ll be in a position to methodically address and reduce issues to improve quality.
A/P payment automation can save you cash, earn you additional cash, lessen the risks of fraudulent activity, get your operations more transparency, satisfy the customers’ demands, and improve the overall quality of your A/P processes.

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