Improve Payments With Accounts Payable Solutions

Top Reasons Why You Should Automate Accounts Payable

Although tech makes Accounts Payable payment automation a standard for many companies, 60 percent of corporations in the United States are unaware of the numerous benefits of A/P automation. Leveraging software applications to apply the method in manner that is seamless and trouble-free, here are our top 5 reasons why you should automate.

Cash Optimization
Accounts Payable automation enables A/P to correctly project its outstanding cash requirements, consequently eliminating estimation. With increased transparency from A/P automation, visibility into the process allows your A/P department to focus on tasks and priorities that will impact your department with value added actions.

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

Maximize Awareness
The outdated manual process suffers from insufficient visibility, in which can result in failing to realize a part of risks. This can understate operating expenses ap automation and therefore overstate earnings, which could lead to accounting and reporting malfunctions and ultimately fraudulent activity. A/P automation delivers a total audit trail of each part of the method, and enables management to promptly fix potential complications.

Please Clients
Your vendors would like a more efficient payment method. More efficient payments result in discounts and savings for you. If you pay your clients with virtual credit card, which is a single issued card for a one-time use, you get more info earn monthly cash rebates. It’s mutually good for Accounts Payable and Accounts Receivable. Your customers benefit from more efficient, seamless payments and your A/P Department pivots to a cash generator.

Enhance Quality
Avoid error, delay, and unnecessary costs with an automated A/P process. A/P errors are costly and take many resources to manually remedy. With payment automation, you see where, when and why problems happened. Contrary to the manual method, with automation you’ll have the ability to methodically address and get rid of issues to increase quality.
A/P payment automation can save you cash, earn you additional income, lessen the risks of fraud, get your here operations greater transparency, fulfill the customers’ needs, and boost the total quality of your A/P processes.

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