Improve Payments With Accounts Payable Automation

Top Reasons to Automate Accounts Payable

Although modern technology makes Accounts Payable payment automation indispensable for numerous organizations, 60 % of corporations in the United States are unaware of the numerous advantages to A/P automation. Leveraging software to utilize the process in manner that is seamless and trouble-free, listed here are our best five reasons to automate.

Cash Optimization
Accounts Payable automation allows A/P to correctly project its pending cash requirements, accordingly eliminating guess work. With better transparency from A/P automation, visibility into the system allows your A/P department to deal with tasks and priorities that can impact your department with value add actions.

Improve central controls
A manual A/P process is vulnerable to fraudulent activity. You increase the issues of human oversight, late payments, lost invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that prevent and deter fraudulent activity.

Maximize Awareness
The obsolete manual method suffers from insufficient visibility, through which can result read more in neglecting to recognize a segment of liabilities. This may understate operating expenses thereby overstate income, which could lead to accounting and reporting irregularities and ultimately fraud. A/P automation offers an entire audit trail of every part of the method, and permits management to rapidly solve potential complications.

Satisfy Customers
Your vendors would like a more effective payment process. More efficient payments result in discount rates and savings for you. If you pay your customers with virtual card, which is a single issued card for a one-time use, you will earn monthly cash rebates. It’s collectively good for Accounts Payable and Accounts Receivable. Your clients experience more efficient, seamless payments and your A/P Department pivots to a cash generator.

Improve Quality
Prevent error, delay, and pointless costs with an automated A/P process. A/P mistakes can be very expensive and use up many resources to manually clear up. With payment automation, you can see where, when and why problems happened. Unlike the manual procedure, with automation you’ll be able to systematically address and reduce issues to boost quality.
A/P payment automation will save you cash, earn you additional revenue, decrease the risks of fraud, provide your operations better transparency, satisfy your customers’ demands, and enrich the overall quality of your A/P processes.

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