Improve Payments With AP Automation

Top Reasons Why You Should Automate Accounts Payable

Even though tech makes Accounts Payable payment automation simple for a number of organizations, 60 % of corporations in the US do not know of the many benefits of A/P automation. Leveraging software applications to implement the method in manner that is seamless and convenient, the following are our main 5 reasons why you should automate.

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

Enhance internal controls
A manual A/P process is prone to fraudulent activity. You increase the pitfalls of human error, late payments, missing invoices, and the dreaded rush invoices. An automated A/P process embeds controls that avoid and deter fraud.

Improve Visibility
The outdated manual process is affected with insufficient awareness, in which can result in failing to recognize a portion of risks. This may understate operating expenses as well as overstate revenue, which could contribute to accounting and reporting abnormalities and ultimately fraudulent activity. A/P automation produces a complete audit trail of each and every part of the process, and enables management here to quickly fix possible problems.

Please Customers
Your vendors prefer a more beneficial payment method. Easier payments result in discount rates and cost savings for you. Whenever you pay your clients by means of virtual credit card, which is a single issued card for a one-time use, you will earn monthly cash back check here incentives. It’s equally beneficial for Accounts Payable and Accounts Receivable. Your customers experience more efficient, streamlined payments and your A/P Department pivots to a revenue generator.

Enhance Quality
Prevent error, delay, and unneeded costs with an automated A/P process. A/P problems are expensive and use up many resources to manually handle. With payment automation, you can see where, when and why mistakes transpired. Contrary to the manual procedure, with automation you’ll be in a position to systematically address and eliminate errors to improve quality.
A/P payment automation can save you cash, earn you additional income, reduce the risks of fraud, bring your operations greater transparency, satisfy your customers’ demands, and enhance the total quality of your A/P processes.

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