Find Out How AP Solutions Can Transform Your Business

Top Reasons Why You Should Automate Accounts Payable

Despite the fact that modern technology has made Accounts Payable payment automation a standard for a lot of companies, 60 percent of companies in the USA are not aware of the many benefits of A/P automation. Leveraging software applications to implement the method in manner that is seamless and convenient, listed here are our top five reasons to automate.

Cash Optimization
Accounts Payable automation enables A/P to accurately project its outstanding cash requirements, consequently getting rid of speculation. With better transparency from A/P automation, awareness into the process allows your A/P department to focus on tasks and things which will effect your department with value add activities.

Enhance internal controls
A manual A/P process is prone to fraudulent activity. You multiply the pitfalls of human error, late payments, lost invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that put a stop to and discourage fraud.

Improve Visibility
The outdated manual process suffers from lack of visibility, through which can result in failing to acknowledge a portion of liabilities. This can understate expenses thereby overstate income, which can trigger accounting and reporting abnormalities and ultimately fraudulent activity. A/P automation offers a whole audit trail of each step in the process, and permits management to swiftly deal with possible complications.

Please Customers
Your suppliers would like a more effective payment method. Easier payments result in special discounts and cost savings for you. Whenever you pay your clients by way of virtual card, which is an individual issued card for a one-time use, you will earn monthly cash back incentives. It’s collectively good for Accounts Payable and Accounts Receivable. Your customers experience more efficient, streamlined payments and your A/P Department pivots to a cash generator.

Improve Quality
Avoid error, delay, and unnecessary costs with an automated A/P process. A/P mistakes can be very expensive and take many resources to manually resolve. With payment automation, you will see where, when and why mistakes transpired. Unlike the manual method, with automation you’ll be in a position to systematically address and get rid of errors to enhance quality.
A/P check here payment automation will save you cash, earn you additional income, decrease the risks of fraud, get your operations better website transparency, meet the customers’ demands, and enrich the overall quality of your A/P processes.

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