Improve Payments With AP Automation

Top Reasons Why You Should Automate Accounts Payable

Although modern technology makes Accounts Payable payment automation a standard for a number of organizations, 60 % of businesses in the United States are not aware of the countless advantages of A/P automation. Leveraging software programs to utilize the process in manner that is seamless and trouble-free, here are our top five reasons to automate.

Cash Optimization
Accounts Payable automation enables A/P to correctly project its pending cash specifications, consequently getting rid of speculation. With better transparency from A/P automation, awareness into the process allows your A/P department to give attention to activities and things that will impact your department with value added actions.

Reinforce central controls
A manual A/P process is vulnerable to fraudulent activity. You increase the pitfalls of human error, late payments, lost invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that reduce and discourage fraudulent activity.

Capitalize on Exposure
The obsolete manual process suffers from lack of awareness, in which can result in neglecting to acknowledge a segment of risks. This can understate operating expenses thereby overstate revenue, which can contribute to accounting and reporting malfunctions and ultimately fraudulent activity. A/P automation provides an entire audit trail of every part of the method, and permits management to quickly handle possible difficulties.

Please Customers
Your suppliers want a more beneficial payment method. More efficient payments result in discount rates and cost savings for you. If you pay your customers by means of virtual credit card, which is an individual issued card for a one-time use, you generate monthly cash back incentives. It’s jointly good for Accounts Payable and Accounts Receivable. Your customers benefit from more efficient, streamlined payments and your A/P Department pivots to a cash generator.

Enhance Quality
Prevent error, delay, and unnecessary costs with an automated A/P process. A/P errors 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 able here to systematically address and eliminate errors to increase quality.
A/P payment automation will save you cash, earn you additional profit, reduce the risks of fraudulent activity, get your operations increased transparency, meet your customers’ demands, and improve the total quality of your get more info A/P processes.

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