Improve Payments With AP Automation

Top Reasons Why You Should Automate Accounts Payable

Even though modern technology makes Accounts Payable payment automation simple for a lot of businesses, 60 percent of organizations in the USA are unaware of the numerous advantages to A/P automation. Leveraging software to implement the method in manner that is seamless and convenient, the following are our top five reasons why you should automate.

Cash Optimization
Accounts Payable automation enables A/P to correctly project its pending cash requirements, therefore getting rid of guess work. With increased transparency from A/P automation, awareness into the process allows your A/P department to focus on tasks and priorities that will effect your department with value added activities.

Strengthen central controls
A manual A/P process is at risk of fraud. You add to the threats of human error, late payments, lost invoices, and the dreaded rush invoices. An automated A/P process embeds controls that prevent and discourage fraud.

Optimize Exposure
The outdated manual practice suffers from insufficient visibility, by which can result in neglecting to acknowledge a segment of risks. This can understate expenditures thereby overstate revenue, which could result in accounting and reporting malfunctions and ultimately fraudulent activity. A/P automation offers a complete audit trail of each part of the process, and lets management to quickly deal with potential difficulties.

Please Customers
Your suppliers want a more beneficial payment method. More efficient payments result in discount rates and cost savings for you. If you pay your customers by means of virtual credit card, which is an individual issued credit card for a one-time use, you earn monthly cash rebates. It’s equally good for Accounts Payable and Accounts Receivable. Your clients experience more efficient, streamlined payments and your A/P Department pivots to a revenue generator.

Improve Quality
Avoid error, delay, and avoidable costs with an automated A/P process. A/P problems are costly and consume many resources to manually clear up. With payment automation, you can see where, when and why mistakes happened. In contrast to the manual method, accounts payable solutions with automation you’ll be in a position to methodically address and reduce problems to boost quality.
A/P payment automation will save you cash, earn you additional cash, lessen the risks of fraudulent activity, get your check here operations more transparency, fulfill your customers’ demands, and enrich the overall quality of your A/P processes.

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