Improve Payments With Accounts Payable Automation

Top Reasons to Automate Accounts Payable

Even though tech has made Accounts Payable payment automation indispensable for a lot of businesses, 60 % of businesses in the USA do not know of the many advantages of A/P automation. Leveraging software to implement the method in manner that is seamless and effortless, the following are our top 5 reasons to automate.

Cash Optimization
Accounts Payable automation allows A/P to accurately project its pending cash requirements, consequently removing uncertainty. With greater transparency from A/P automation, visibility into the system allows your A/P department to focus on activities and things that can effect your department with value added activities.

Improve internal controls
A manual A/P process is prone to fraud. You multiply the challenges of human error, overdue payments, lost invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that put a stop to and deter fraud.

Boost Visibility
The obsolete manual practice suffers from lack of awareness, through which can result in neglecting to recognize a part of liabilities. This can understate operating expenses thereby overstate income, that may trigger accounting and reporting malfunctions and ultimately fraud. A/P automation produces a total audit trail of every part of the process, and makes it possible for management to swiftly fix possible troubles.

Satisfy Clients
Your vendors want a more beneficial payment method. Easier payments result in special offers and savings for you. If you pay your clients by means of virtual credit card, which is a single issued card for a one-time use, you will earn monthly cash rebates. It’s equally good for Accounts Payable and Accounts Receivable. Your customers experience more read more efficient, seamless payments and your A/P Department pivots to a income generator.

Improve Quality
Prevent error, website delay, and unnecessary costs with an automated A/P process. A/P mistakes may be very costly and consume many resources to manually clear up. With payment automation, you can see where, when and why faults transpired. Unlike the manual method, with automation you’ll have the ability to methodically address and reduce errors to enhance quality.
A/P payment automation can help you save cash, earn you additional cash, lessen the risks of fraud, bring your operations greater transparency, meet your customers’ demands, and enrich the overall quality of your A/P processes.

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