Find Out How AP Solutions Can Transform Your Business

Top Reasons Why You Should Automate Accounts Payable

Although modern technology makes Accounts Payable payment automation simple for a lot of companies, 60 percent of companies in the United States do not know of the countless benefits associated with A/P automation. Leveraging software to implement the method in manner that is seamless and trouble-free, here are our top five reasons why you should automate.

Cash Optimization
Accounts Payable automation enables A/P to accurately project its pending cash requirements, therefore getting rid of guess work. With better transparency from A/P automation, visibility into the system allows your A/P department to give attention to activities and things that can impact your department with value added activities.

Improve central controls
A manual A/P process is prone to fraud. You add to the threats of human error, overdue payments, lost invoices, and the dreaded rush invoices. An automated A/P process embeds controls that stop and discourage fraud.

Increase Visibility
The outdated manual process is affected with lack of awareness, through which can result in neglecting to acknowledge a portion of risks. This can understate operating expenses and therefore overstate revenue, which can trigger accounting and reporting irregularities and ultimately fraudulent activity. A/P automation delivers a whole audit trail of every step in the method, and enables management to swiftly deal with potential troubles.

Please Customers
Your vendors would like a more efficient payment method. 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 earn monthly cash rebates. It’s collectively good for Accounts Payable and Accounts Receivable. Your clients experience more efficient, seamless payments and your get more info A/P Department pivots to a income generator.

Enhance Quality
Avoid error, delay, and unneeded costs with an automated A/P process. A/P problems are expensive and take many resources to manually correct. With payment automation, you can see where, when and why faults happened. accounts payable automation In contrast to the manual procedure, with automation you’ll be able to systematically address and get rid of issues to increase quality.
A/P payment automation can save you cash, earn you additional revenue, lessen the risks of fraudulent activity, provide your operations better transparency, satisfy your customers’ demands, and advance the total quality of your A/P processes.

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