Improve Payments With Accounts Payable Automation

Top Reasons to Automate Accounts Payable

While technology has made Accounts Payable payment automation indispensable for a lot of businesses, 60 % of corporations in the United States are not aware of the numerous advantages of A/P automation. Leveraging software applications to apply the process in manner that is seamless and easy, the following are our top five reasons why you should automate.

Cash Optimization
Accounts Payable automation allows A/P to correctly project its outstanding cash specifications, therefore eliminating estimation. With better transparency from A/P automation, awareness into the system allows your A/P department to concentrate on tasks and things that can effect your department with value add activities.

Strengthen central controls
A manual A/P method is vulnerable to fraud. You add to the pitfalls of human oversight, late payments, missing invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that avoid and discourage fraud.

Enhance Visibility
The obsolete manual method suffers from insufficient awareness, wherein can result in failing to realize a portion of risks. This can understate expenses thereby overstate revenue, that may result in accounting and reporting abnormalities and ultimately fraud. A/P get more info automation offers an entire audit trail of every step in the method, and permits management to rapidly resolve possible troubles.

Satisfy Customers
Your suppliers want a more effective payment process. Easier payments result in special discounts and savings for you. If you pay your customers via virtual credit card, which is a single issued credit card for a one-time use, you receive monthly cash rebates. It’s jointly beneficial for Accounts Payable and Accounts Receivable. Your more info clients benefit from more efficient, seamless payments and your A/P Department pivots to a revenue generator.

Enhance Quality
Avoid error, delay, and needless costs with an automated A/P process. A/P errors are expensive and take many resources to manually solve. With payment automation, you can see where, when and why errors transpired. Contrary to the manual procedure, with automation you’ll be in a position click here to systematically address and get rid of errors to increase quality.
A/P payment automation can save you cash, earn you additional earnings, decrease the risks of fraudulent activity, bring your operations more transparency, meet the customers’ needs, and enrich the total quality of your A/P processes.

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