Improve Payments With Accounts Payable Automation

Top Reasons Why You Should Automate Accounts Payable

Even though modern technology has made Accounts Payable payment automation indispensable for a number of corporations, 60 % of companies in the United States are not aware of the many advantages to A/P automation. Leveraging software programs to apply the method in manner that is seamless and convenient, here are our main five reasons to automate.

Cash Optimization
Accounts Payable automation lets A/P to accurately project its pending cash requirements, accordingly eliminating guess work. With better transparency from A/P automation, visibility into the system allows your A/P department to give attention to activities and priorities that can impact your department with value add actions.

Improve central controls
A manual A/P method is at risk of fraud. You raise the risks of human error, overdue payments, lost invoices, and the dreaded rush invoices. An automated A/P process embeds controls that put a stop to and discourage fraud.

Increase Exposure
The obsolete manual process suffers from lack of awareness, by which can result in neglecting to realize a portion of liabilities. This can understate expenditures as well as overstate revenue, which can cause accounting and reporting malfunctions and ultimately fraudulent activity. A/P automation produces an entire audit trail of each and every part of the method, and allows management to quickly handle potential complications.

Please Customers
Your suppliers prefer a more efficient payment process. Easier payments result in discounts and cost savings for you. When you pay your clients by way of virtual credit card, which is a single issued credit card for a one-time use, you will earn monthly cash back incentives. It’s equally beneficial for Accounts Payable and Accounts Receivable. Your customers experience more efficient, streamlined click here payments and your A/P Department pivots to a revenue generator.

Enhance Quality
Avoid error, delay, and unneeded costs with an automated A/P process. A/P get more info errors are costly and take many resources to manually clear up. With payment automation, you will see where, when and why problems occurred. Contrary to the manual process, with automation you’ll be in a position to systematically address and reduce problems to improve quality.
A/P payment automation will save you cash, earn you extra cash, reduce the risks of fraudulent activity, bring your operations more transparency, satisfy your customers’ needs, and improve the total quality of your A/P processes.

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