Improve Payments With Accounts Payable Automation

Top Reasons Why You Should Automate Accounts Payable

Even though tech has made Accounts Payable payment automation indispensable for a lot of businesses, 60 % of companies in the US do not know of the numerous advantages to A/P automation. Leveraging software to implement the method in manner that is seamless and trouble-free, here are our top five reasons why you should automate.

Cash Optimization
Accounts Payable automation lets A/P to correctly project its pending cash requirements, consequently removing guess work. With better transparency from A/P automation, visibility into the system allows your A/P department to give attention to activities and things which will impact your department with value added activities.

Strengthen central controls
A manual A/P process is prone to fraud. You raise the issues of human oversight, late payments, lost invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that put a stop to and deter fraudulent activity.

Maximize Exposure
The outdated manual method is affected with insufficient visibility, by which can result in neglecting to acknowledge a portion of risks. This may understate expenditures as well as overstate earnings, that may cause accounting and reporting abnormalities and ultimately fraud. A/P automation offers a complete audit trail of each and every part of the method, and lets management to promptly solve potential complications.

Please Customers
Your suppliers prefer a more beneficial payment method. Easier payments result in deals and cost savings for you. If you pay your clients by way of virtual credit card, which is an individual issued credit card for a one-time use, click here you will earn monthly cash rebates. It’s mutually beneficial for Accounts Payable and Accounts Receivable. Your customers benefit from more efficient, streamlined payments and your A/P Department pivots to a revenue generator.

Improve Quality
Prevent error, delay, and unnecessary costs with an automated A/P process. A/P errors are expensive and consume many resources to manually correct. With payment automation, you will see where, when and why faults took place. In contrast to the manual method, with automation you’ll have the ability to systematically address and eliminate errors to improve quality.
A/P payment automation can save you cash, earn you additional profit, decrease the risks of fraud, bring your operations more transparency, meet your customers’ demands, and advance the overall quality of your A/P processes.

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