Find Out How AP Automation Can Transform Your Business

Top Reasons to Automate Accounts Payable

Although modern technology has made Accounts Payable payment automation a standard for a lot of organizations, 60 percent of organizations in the United States are unaware of the numerous advantages of A/P automation. Leveraging software programs to implement the method in manner that is seamless and trouble-free, listed here are our main five reasons why you should automate.

Cash Optimization
Accounts Payable automation lets A/P to accurately project its pending cash requirements, consequently eliminating uncertainty. With greater transparency from A/P automation, awareness into the process allows your A/P department to deal with activities and things that will effect your department with value added activities.

Improve internal controls
A manual A/P method is susceptible to fraudulent activity. You add to the pitfalls of human oversight, late payments, lost invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that reduce and deter fraudulent activity.

Optimize Exposure
The outdated manual practice suffers from insufficient visibility, in click here which can result in failing to identify a part of liabilities. This may understate expenditures and therefore overstate revenue, that may trigger accounting and reporting malfunctions and ultimately fraudulent activity. A/P automation offers a total audit trail of each step in the method, and allows management to rapidly deal with possible complications.

Satisfy Customers
Your vendors prefer a more effective payment method. Easier payments result in deals and cost savings for you. If you pay your customers by means of virtual card, which is a single issued card for a one-time use, you earn monthly cash back incentives. It’s collectively beneficial for Accounts Payable and Accounts Receivable. Your customers experience more efficient, streamlined payments and your A/P Department pivots to a cash generator.

Enhance Quality
Prevent error, delay, and needless costs with an automated A/P process. A/P mistakes can be very expensive and take many resources to manually fix. With payment automation, you see where, when and why problems happened. In contrast to the manual method, with automation you’ll be in a position to systematically address and eliminate issues to enhance quality.
A/P payment automation can help you save cash, earn you extra earnings, reduce the risks of fraudulent activity, get your operations increased transparency, meet the customers’ demands, and improve the total quality of your A/P processes.

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