Find Out How AP Automation Can Transform Your Business

Top Reasons to Automate Accounts Payable

While modern technology makes Accounts Payable payment automation simple for many companies, 60 % of corporations in the US do not know of the many advantages of A/P automation. Leveraging software applications to implement the method in manner that is seamless and convenient, here are our major 5 reasons to automate.

Cash Optimization
Accounts Payable automation lets A/P to accurately project its pending cash requirements, consequently getting rid of uncertainty. With better transparency from A/P automation, awareness into the process allows your A/P department to give attention to tasks and priorities that can effect your department with value added actions.

Enhance central controls
A manual A/P method is prone to fraudulent activity. You multiply the threats of human error, late payments, missing invoices, and the dreaded rush invoices. An automated A/P process embeds controls that avoid and discourage fraudulent activity.

Increase Awareness
The outdated manual practice is affected with lack of awareness, in which can result in neglecting to acknowledge a part of risks. This could understate expenses as well as overstate check here earnings, that may contribute to accounting and reporting abnormalities and ultimately fraud. A/P automation offers a total audit trail of each and every step in the process, and enables management to rapidly handle possible problems.

Please Customers
Your vendors prefer a more effective payment process. Easier payments result in discounts and savings for you. Whenever you pay your customers via virtual credit card, which is a single issued credit card for a one-time use, you generate monthly cash rebates. It’s mutually beneficial for Accounts Payable and Accounts Receivable. Your customers experience more efficient, seamless payments and your A/P Department pivots to a revenue generator.

Enhance Quality
Avoid error, delay, and unnecessary costs with an automated A/P process. A/P problems are expensive and use up many resources to manually clear up. With payment automation, you can see where, when and why issues occurred. Unlike the manual procedure, with automation you’ll be in a position to methodically address and eliminate errors to boost quality.
A/P payment automation will save you cash, earn you extra revenue, lessen the risks of fraud, bring your operations more transparency, meet your customers’ needs, and enhance the total quality of your A/P processes.

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