Improve Payments With AP Automation

Top Reasons Why You Should Automate Accounts Payable

Although technology makes Accounts Payable payment automation indispensable for a lot of businesses, 60 % of corporations in the United States are not aware of the many benefits associated with A/P automation. Leveraging software to implement the method in manner that is seamless and trouble-free, the following are our major 5 reasons why you should automate.

Cash Optimization
Accounts Payable automation allows A/P to accurately project its outstanding cash requirements, consequently eliminating guesswork. With more transparency from A/P automation, awareness into the process allows your A/P department to concentrate on tasks and priorities that can effect your department with value added activities.

Strengthen central controls
A manual A/P process is vulnerable to fraudulent activity. You multiply the risks of human error, late payments, lost invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that stop and deter fraud.

Boost Awareness
The obsolete manual method suffers from lack of visibility, wherein can result in neglecting to identify a segment of liabilities. This could understate expenditures thereby overstate income, which can cause accounting and reporting malfunctions and ultimately fraud. A/P automation provides a complete audit trail of every part of the process, and enables management to quickly solve possible problems.

Please Clients
Your suppliers would like a more effective payment method. More efficient payments result in savings and savings for you. If you pay your customers by way of virtual credit card, which is an individual issued card for a one-time use, you will earn monthly cash rebates. It’s jointly beneficial for Accounts Payable and Accounts Receivable. Your clients benefit from more efficient, seamless payments and your A/P Department pivots to a revenue generator.

Enhance Quality
Avoid error, delay, and unnecessary costs with an automated A/P process. A/P problems may be very costly and use up many resources to manually handle. With payment automation, you will see where, when and why problems occurred. Unlike the manual process, with automation you’ll have the ability website to systematically address and get rid of errors to enhance quality.
A/P payment automation can help you save cash, earn you check here additional earnings, decrease the risks of fraud, get your operations better transparency, satisfy your customers’ needs, and enhance the overall quality of your A/P processes.

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