Improve Payments With Accounts Payable Automation

Top Reasons Why You Should Automate Accounts Payable

Even though technology has made Accounts Payable payment automation indispensable for a number of businesses, 60 % of businesses in the United States are not aware of the numerous benefits of A/P automation. Leveraging software applications to utilize the process in manner that is seamless and convenient, listed here are our best five reasons to automate.

Cash Optimization
Accounts Payable automation allows A/P to correctly project its pending cash specifications, accordingly getting rid of uncertainty. With increased transparency from A/P automation, visibility into the process allows your A/P department to concentrate on activities and priorities which will impact your department with value add actions.

Strengthen internal controls
A manual A/P process is subject to fraudulent activity. You multiply the threats of human error, overdue payments, missing invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that avoid and deter fraud.

Boost Visibility
The obsolete manual process is affected with lack here of awareness, in which can result in failing to recognize a part of liabilities. This may understate expenses as well as overstate income, which could lead to accounting and reporting abnormalities and ultimately fraud. A/P automation offers a complete audit trail of each part of the process, and lets management to quickly deal with potential troubles.

Please Customers
Your suppliers would like a more beneficial payment method. More efficient payments result in discount rates and cost savings for you. If you pay your customers by means of virtual credit card, which is an individual issued credit card for a one-time use, you earn monthly cash rebates. It’s accounts payable solutions equally good for Accounts Payable and Accounts Receivable. Your clients experience more efficient, streamlined payments and your A/P Department pivots to a revenue generator.

Improve Quality
Avoid error, delay, and avoidable costs with an automated A/P process. A/P problems are costly and consume many resources to manually correct. With payment automation, you will see where, when and why issues occurred. Unlike the manual process, with automation you’ll be able to systematically address and eliminate errors to improve quality.
A/P payment automation can save you cash, earn you extra income, reduce the risks of fraud, provide your operations better transparency, satisfy the customers’ demands, and boost the overall quality of your A/P processes.

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