Improve Payments With Accounts Payable Automation

Top Reasons Why You Should Automate Accounts Payable

While tech makes Accounts Payable payment automation a standard for a lot of corporations, 60 percent of companies in the US do not know of the countless benefits of A/P automation. Leveraging software to implement the process in manner that is seamless and convenient, here are our major five reasons why you should automate.

Cash Optimization
Accounts Payable automation enables A/P to correctly project its pending cash specifications, therefore getting rid of uncertainty. With more transparency from A/P automation, awareness into the process allows your A/P department to concentrate on activities and priorities that can effect your department with value add activities.

Strengthen central controls
A manual A/P method is prone to fraudulent activity. You add to the threats of human error, overdue payments, missing invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that avoid and discourage fraud.

Capitalize on Awareness
The outdated manual method is affected with lack of awareness, through which can result in neglecting to acknowledge a segment of risks. This may understate expenses thereby overstate earnings, that may contribute to accounting and reporting malfunctions and ultimately fraud. A/P automation produces a whole audit trail of each part of the method, and allows management to promptly handle possible problems.

Please Clients
Your suppliers want a more beneficial payment process. Easier payments result in special offers and savings for you. Whenever you pay your clients by means of virtual card, which is an individual issued card for a one-time use, you generate monthly cash back incentives. It’s mutually good for Accounts Payable and Accounts Receivable. Your clients benefit from more efficient, streamlined payments and your A/P Department pivots to a revenue generator.

Improve Quality
Prevent error, delay, and pointless costs with an automated A/P process. A/P problems are costly and consume many resources to manually here handle. With payment automation, you will see where, when and why faults took place. In contrast to the manual process, with automation you’ll be able to methodically address and get rid of errors to boost quality.
A/P payment automation can help you save cash, earn you extra revenue, lessen the risks of fraud, bring your operations better transparency, fulfill the customers’ needs, and boost the overall quality of your A/P processes.

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