Improve Payments With Accounts Payable Automation

Top Reasons Why You Should Automate Accounts Payable

While tech has made Accounts Payable payment automation a standard for numerous corporations, 60 % of companies in the USA do not know of the many benefits associated with A/P automation. Leveraging software applications to utilize the process in manner that is seamless and convenient, the following are our major 5 reasons why you should automate.

Cash Optimization
Accounts Payable automation allows A/P to correctly project its outstanding cash requirements, therefore getting rid of uncertainty. With greater transparency from A/P automation, visibility into the process allows your A/P department to focus on activities and priorities which will effect your department with value add activities.

Improve internal controls
A manual A/P process is vulnerable to fraudulent activity. You multiply the threats of human error, overdue payments, missing invoices, and the dreaded rush invoices. An automated A/P process embeds controls that reduce and deter fraudulent activity.

Enhance Awareness
The obsolete manual process suffers from insufficient visibility, by which can result in neglecting to acknowledge a segment get more info of liabilities. This may understate expenditures and therefore more info overstate revenue, which could result in accounting and reporting abnormalities and ultimately fraud. A/P automation delivers an entire audit trail of every part of the method, and enables management to rapidly handle possible issues.

Please Clients
Your vendors prefer a more effective payment process. Easier payments result in discounts and savings for you. Whenever you pay your clients via virtual card, which is a single issued credit card for a one-time use, you will earn monthly cash back incentives. It’s mutually good for Accounts Payable and Accounts Receivable. Your clients experience more efficient, seamless payments and your A/P Department pivots to a revenue generator.

Improve Quality
Avoid error, delay, and unneeded costs with an automated A/P process. A/P mistakes may be very costly and take many resources to manually fix. With payment automation, you will see where, when and why faults transpired. Contrary to the manual procedure, with automation you’ll be in a position to methodically address and eliminate errors to enhance quality.
A/P payment automation can help you save cash, earn you extra profit, decrease the risks of fraud, bring your operations increased transparency, meet your customers’ demands, and enrich the overall quality of your A/P processes.

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