Benefits of AP Automation

Top Reasons Why You Should Automate Accounts Payable

Despite the fact that tech makes Accounts Payable payment automation indispensable for a number of corporations, 60 % of companies in the USA are not aware of the countless benefits of A/P automation. Leveraging software to implement the process in manner that is seamless and effortless, here are our major five reasons to automate.

Cash Optimization
Accounts Payable automation enables A/P to accurately project its pending cash specifications, consequently getting rid of guesswork. With more transparency from A/P automation, visibility into the system allows your A/P department to give attention to activities and things that will effect your department with value add actions.

Improve central controls
A manual A/P process is susceptible to fraudulent activity. You increase the pitfalls of human error, overdue payments, missing invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that stop and discourage fraud.

Increase Awareness
The obsolete manual process suffers from insufficient visibility, wherein can result in failing to recognize a segment of risks. This can understate expenditures as well as overstate income, which could result in accounting and reporting malfunctions and ultimately fraudulent activity. A/P automation produces a complete audit trail of each part of the method, and enables management to swiftly correct potential difficulties.

Please Clients
Your vendors would like a more efficient payment method. More efficient payments result check here in special offers and savings for you. When you pay your customers by means of virtual card, which is a single issued card for a one-time use, you receive monthly cash back incentives. It’s equally good for Accounts Payable and Accounts Receivable. Your clients experience more efficient, seamless payments and your A/P Department pivots to a cash generator.

Enhance Quality
Avoid error, delay, and avoidable costs with an automated A/P process. A/P mistakes may be very costly and take many resources to manually solve. With payment automation, you can see where, when and why mistakes happened. Unlike the manual process, with automation you’ll be able to methodically address and reduce problems to increase quality.
A/P payment automation can help you save cash, earn you extra revenue, lessen the risks of fraudulent activity, get your operations increased transparency, meet the customers’ needs, and boost the overall quality of your A/P processes.

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