Improve Payments With Accounts Payable Automation

Top Reasons Why You Should Automate Accounts Payable

Although modern technology has made Accounts Payable payment automation a standard for a lot of companies, 60 % of organizations in the USA do not know of the numerous benefits associated with A/P automation. Leveraging software programs to implement the process in manner that is seamless and trouble-free, listed here are our top five reasons why you should automate.

Cash Optimization
Accounts Payable automation lets A/P to correctly project its outstanding cash specifications, accordingly getting rid of uncertainty. With better transparency from A/P automation, awareness into the system allows your A/P department to focus on activities and priorities that will impact your department with value add actions.

Strengthen internal controls
A manual A/P process is subject to fraudulent activity. You multiply the threats of human oversight, late payments, missing invoices, and the dreaded rush invoices. An automated A/P process embeds controls that reduce and deter fraud.

Improve Exposure
The obsolete manual method suffers from insufficient visibility, wherein can result in neglecting to acknowledge a part of liabilities. This can understate operating expenses thereby overstate income, that may contribute to accounting and reporting abnormalities and ultimately fraud. A/P automation produces a whole audit trail of every part of the method, and lets management to rapidly solve possible difficulties.

Please Clients
Your suppliers would like a more efficient payment method. Easier payments result in special offers and savings for you. Whenever you pay your clients with virtual credit card, which is a single issued credit card for a one-time use, you generate 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 cash generator.

Improve Quality
Avoid error, delay, and avoidable costs with an automated A/P process. A/P problems are costly and take many resources to manually fix. With payment automation, you can see where, when and why problems happened. Unlike the manual process, with automation you’ll be in a position to methodically address and eliminate issues to boost quality.
A/P payment automation will save you cash, earn you extra revenue, lessen the risks of fraud, provide your operations check here increased transparency, satisfy your customers’ needs, and enhance the overall quality of your A/P processes.

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