Improve Payments With Accounts Payable Automation

Top Reasons Why You Should Automate Accounts Payable

Although technology has made Accounts Payable payment automation a standard for a lot of companies, 60 percent of organizations in the US are unaware of the numerous benefits associated with A/P automation. Leveraging software programs to utilize the process in manner that is seamless and convenient, listed here are our best 5 reasons why you should automate.

Cash Optimization
Accounts Payable automation lets A/P to accurately project its outstanding cash requirements, accordingly getting rid of speculation. With increased transparency from A/P automation, awareness into the process allows your A/P department to concentrate on activities and priorities that can impact your department with value added activities.

Enhance central controls
A manual A/P process is prone to fraud. You increase the risks of human error, overdue payments, missing invoices, and the dreaded rush invoices. An automated A/P process embeds controls that prevent and discourage fraud.

Maximize Exposure
The outdated manual practice is affected with lack of visibility, by which can result in neglecting to acknowledge a segment of risks. This could understate expenses as well as overstate earnings, that may lead to accounting and reporting abnormalities and ultimately fraud. A/P automation offers an entire audit trail of each part of the method, and permits management to promptly fix possible issues.

Please Customers
Your vendors prefer a more efficient payment method. More efficient payments result in discount rates and savings for you. Whenever you pay here your customers by way of virtual credit card, which is an individual issued credit card for a one-time use, you will earn monthly cash back incentives. It’s collectively 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 unnecessary costs with an automated A/P process. A/P errors are expensive and consume many resources to manually remedy. With payment automation, you will see where, when and why errors happened. Unlike the manual procedure, with automation you’ll be in a position to systematically address and reduce issues to boost quality.
A/P payment automation can save you cash, earn you additional revenue, lessen the risks of fraudulent activity, provide your operations increased transparency, satisfy your customers’ needs, and improve the total quality of your A/P processes.

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