Improve Payments With Accounts Payable Automation

Top Reasons Why You Should Automate Accounts Payable

Although technology makes Accounts Payable payment automation indispensable for many businesses, 60 percent of organizations in the US are not aware of the many advantages to A/P automation. Leveraging software to implement the method in manner that is seamless and effortless, the following are our top 5 reasons to automate.

Cash Optimization
Accounts Payable automation allows A/P to accurately project its outstanding cash specifications, therefore getting rid of estimation. With more transparency from A/P automation, awareness into the process allows your A/P department to concentrate on activities and things that can effect your department with value added activities.

Strengthen central controls
A manual A/P process is subject to fraudulent activity. You raise the threats of human error, overdue payments, missing invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that put a stop to and deter fraudulent activity.

Improve Awareness
The obsolete manual process suffers from insufficient visibility, through which can result in failing to identify a part of risks. This can understate operating expenses and therefore overstate earnings, which could lead to accounting and reporting abnormalities and ultimately fraudulent activity. A/P automation delivers a total audit trail of each and every part of the method, and enables management to swiftly resolve potential difficulties.

Please Clients
Your vendors would like a more efficient payment method. Easier payments result in discounts and savings for you. If you pay your clients by way of virtual card, which is an individual issued credit card for a one-time use, you receive monthly cash back incentives. It’s collectively good for Accounts Payable and Accounts Receivable. Your clients experience more efficient, more info streamlined payments and your A/P accounts payable automation Department pivots to a cash generator.

Improve Quality
Avoid error, delay, and pointless costs with an automated A/P process. A/P problems may be very costly and consume many resources to manually clear up. With payment automation, you can see where, when and why mistakes occurred. Unlike the manual process, with automation you’ll be able to methodically address and reduce mistakes to boost quality.
A/P payment automation can help you save cash, earn you additional income, decrease the risks of fraudulent activity, provide your operations better transparency, satisfy the customers’ demands, and boost the total read more quality of your A/P processes.

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