Find Out How AP Solutions Can Transform Your Business

Top Reasons Why You Should Automate Accounts Payable

Although technology has made Accounts Payable payment automation a standard for many organizations, 60 percent 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 effortless, listed here are our best 5 reasons to automate.

Cash Optimization
Accounts Payable automation enables A/P to correctly project its pending cash requirements, therefore getting rid of guesswork. With more transparency from A/P automation, awareness into the process allows your A/P department to concentrate on activities and things which will impact your department with value added activities.

Strengthen central controls
A manual A/P process is at risk of fraud. You increase the pitfalls of human oversight, late payments, lost invoices, and the dreaded rush invoices. An automated A/P process embeds controls that avoid and deter fraudulent activity.

Capitalize on Awareness
The outdated manual method suffers from insufficient awareness, through which can result in neglecting to realize a portion of risks. This may understate expenditures and therefore overstate earnings, that may cause click here accounting and reporting irregularities and ultimately fraudulent activity. A/P automation delivers a whole audit trail of each and every step in the method, and allows management to swiftly solve potential problems.

Satisfy Clients
Your vendors prefer a more effective payment process. Easier payments result in special offers and savings for get more info you. When you pay your clients by way of virtual card, which is a single issued card for a one-time use, you receive monthly cash back incentives. It’s mutually beneficial for Accounts Payable and Accounts Receivable. Your customers experience more efficient, seamless payments and your A/P Department pivots to a profit generator.

Enhance Quality
Prevent error, delay, and needless costs with an automated A/P process. A/P mistakes can be very expensive and take many resources to manually clear up. With payment automation, you will see where, when and why faults transpired. Contrary to the manual process, with automation you’ll be able to methodically address and eliminate errors to improve quality.
A/P payment automation can save you cash, earn you extra revenue, lessen the risks of fraudulent activity, provide your operations better transparency, satisfy your customers’ demands, and enrich the overall quality of your A/P processes.

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