Improve Payments With Accounts Payable Automation

Top Reasons Why You Should Automate Accounts Payable

While tech has made Accounts Payable payment automation simple for numerous companies, 60 percent of corporations in the United States are unaware of the many benefits associated with A/P automation. Leveraging software to apply the method in manner that is seamless and convenient, here are our best 5 reasons why you should automate.

Cash Optimization
Accounts Payable automation enables A/P to accurately project its outstanding cash specifications, therefore removing speculation. With increased transparency from A/P automation, visibility into the system allows your A/P department to focus on activities and things which will impact your department with value added activities.

Improve central controls
A manual A/P process is subject to fraudulent activity. You multiply the issues of human oversight, late payments, lost invoices, and the dreaded rush invoices. An automated A/P process embeds controls that stop and discourage fraud.

Boost Exposure
The outdated manual method is affected with lack of visibility, in which can result in neglecting to acknowledge a segment of risks. This may understate expenses thereby overstate revenue, that may cause accounting and reporting abnormalities and ultimately fraudulent activity. A/P automation provides an entire audit trail of every step in the check here method, and permits management to swiftly solve potential issues.

Satisfy Customers
Your vendors would like a more effective payment method. More efficient payments result in discounts and cost savings for you. If you pay your customers by means of virtual card, which is an individual issued card for a one-time use, you 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 cash generator.

Improve Quality
Prevent error, delay, and unneeded costs with an automated A/P process. A/P errors are costly and use up many resources to manually remedy. With payment automation, you can see where, when and why errors took place. check here Unlike the manual method, with automation you’ll be able to systematically address and get rid of issues to enhance quality.
A/P payment automation will save you cash, check here earn you additional income, decrease the risks of fraudulent activity, provide your operations better transparency, meet your customers’ demands, and boost the overall quality of your A/P processes.

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