Improve Payments With AP Automation

Top Reasons to Automate Accounts Payable

Although modern technology makes Accounts Payable payment automation a standard for many companies, 60 % of organizations in the US are not aware of the countless benefits associated with A/P automation. Leveraging software to implement the process in manner that is seamless and trouble-free, here are our best 5 reasons why you should automate.

Cash Optimization
Accounts Payable automation allows A/P to accurately project its outstanding cash specifications, therefore getting rid of speculation. With better transparency from A/P automation, visibility into the system allows your A/P department to give attention to tasks and things which will impact your department with value add activities.

Strengthen central controls
A manual A/P method is susceptible to fraud. You add to the pitfalls of human oversight, overdue payments, missing invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that prevent and discourage fraud.

Enhance Awareness
The outdated manual practice suffers from insufficient visibility, by which can result in failing to identify a part of risks. This can understate operating expenses thereby overstate income, that may trigger accounting and reporting irregularities and ultimately fraudulent activity. A/P automation offers a complete audit trail of each and every step in the method, and website permits management to quickly correct potential problems.

Please Clients
Your suppliers would like a more efficient payment process. Easier payments result in discounts and cost savings for you. If you pay your customers with virtual card, which is a single issued credit card for a one-time use, you earn monthly cash back incentives. It’s jointly beneficial for Accounts Payable and Accounts Receivable. Your clients experience more efficient, streamlined payments and your A/P Department pivots to a more info income generator.

Enhance Quality
Prevent error, delay, and needless costs with an automated A/P process. A/P mistakes are costly and use up many resources to manually clear up. With payment automation, you can see where, when and why problems transpired. In contrast to the manual method, with automation you’ll be able to systematically address and get rid of problems read more to boost quality.
A/P payment automation will save you cash, earn you extra income, decrease the risks of fraud, get your operations more transparency, fulfill the customers’ needs, and enhance the total quality of your A/P processes.

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