Improve Payments With AP Automation

Top Reasons to Automate Accounts Payable

Even though technology makes Accounts Payable payment automation a standard for a number of corporations, 60 % of businesses in the US are not aware of the many benefits of A/P automation. Leveraging software applications to apply the method in manner that is seamless and convenient, the following are our top 5 reasons to automate.

Cash Optimization
Accounts Payable automation lets A/P to correctly project its outstanding cash specifications, consequently eliminating estimation. With increased transparency from A/P automation, awareness into the system allows your A/P department to deal with tasks and priorities that can impact your department with value added actions.

Enhance central controls
A manual A/P method is vulnerable to fraud. You raise the issues of human oversight, overdue payments, lost invoices, and the dreaded rush invoices. An automated A/P process embeds controls that put a stop to and discourage fraud.

Increase Awareness
The outdated manual process suffers from insufficient awareness, by which can result in failing to realize a get more info part of risks. This may website understate operating expenses thereby overstate revenue, which could lead to accounting and reporting abnormalities and ultimately fraudulent activity. A/P automation delivers a whole audit trail of each and every part of the process, and makes it possible for management to rapidly resolve potential complications.

Satisfy Customers
Your suppliers prefer a more efficient payment method. More efficient payments result in discounts and savings for you. Whenever you pay your clients with virtual card, which is a single issued card for a one-time use, you will earn monthly cash back incentives. It’s jointly beneficial for Accounts Payable and Accounts Receivable. Your clients experience more efficient, seamless payments and your A/P Department pivots to a revenue generator.

Enhance Quality
Prevent error, delay, and pointless costs with an automated A/P process. A/P mistakes may be very costly and use up many resources to manually resolve. With payment automation, you will see where, when and why issues transpired. In contrast to the manual method, with automation you’ll be in a position to methodically address and reduce problems to enhance quality.
A/P payment automation can help you save cash, earn you extra income, reduce the risks of fraud, get your operations more transparency, meet your customers’ needs, and advance the overall quality of your A/P processes.

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