Benefits of AP Automation

Top Reasons to Automate Accounts Payable

Although modern technology has made Accounts Payable payment automation indispensable for a lot of businesses, 60 percent of companies in the USA are unaware of the numerous benefits of A/P automation. Leveraging software to implement the method in manner that is seamless and convenient, the following are our top five reasons to automate.

Cash Optimization
Accounts Payable automation enables A/P to correctly project its pending cash requirements, therefore eliminating estimation. With greater transparency from A/P automation, awareness into the system allows your A/P department to give attention to tasks and priorities which will effect your department with value add activities.

Enhance central controls
A manual A/P process is vulnerable to fraudulent activity. You add to the issues of human error, overdue payments, missing invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that avoid and deter fraudulent activity.

Improve Awareness
The obsolete manual method is affected with lack of awareness, wherein can result in failing to identify website a portion of liabilities. This may understate expenditures as well as overstate income, which could lead to accounting and reporting abnormalities and ultimately fraud. A/P automation offers a whole audit trail of every step in the method, and permits management to quickly handle possible troubles.

Please Customers
Your suppliers want a more beneficial payment method. More efficient payments result in discounts and savings for you. Whenever you pay your clients via virtual card, which is a single issued card for a one-time use, you will earn monthly cash back incentives. It’s collectively beneficial for Accounts Payable and Accounts Receivable. Your clients experience more efficient, seamless payments and your A/P Department pivots to a profit generator.

Enhance Quality
Avoid error, delay, and needless costs with an automated A/P process. A/P mistakes can be very expensive and take many resources to manually solve. With payment automation, you will see where, when and why problems took place. Contrary to the manual procedure, with automation you’ll be in a position to methodically address and reduce issues to boost quality.
A/P payment automation will save you cash, earn you additional cash, lessen the risks website of fraudulent activity, provide your operations more transparency, fulfill your customers’ demands, and enrich the overall quality of your A/P processes.

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