Find Out How AP Automation Can Transform Your Business

Top Reasons Why You Should Automate Accounts Payable

Although modern technology has made Accounts Payable payment automation simple for many companies, 60 percent of corporations in the US are unaware of the numerous benefits of A/P automation. Leveraging software programs to implement the process in manner that is seamless and convenient, listed here are our main 5 reasons to automate.

Cash Optimization
Accounts Payable automation lets A/P to correctly project its pending cash requirements, therefore eliminating guesswork. With increased transparency from A/P automation, awareness into the system allows your A/P department to give attention to tasks and things that will impact your department with value added actions.

Improve internal controls
A manual A/P process is subject to fraud. You add to the threats of human oversight, late payments, missing invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that avoid and discourage fraud.

Boost Visibility
The obsolete manual method is affected with insufficient visibility, in which can result in neglecting to recognize a portion of liabilities. This may understate operating expenses thereby overstate earnings, that may result in accounting and reporting irregularities and ultimately fraud. A/P automation offers an entire audit trail of every part of the method, and permits management to swiftly fix potential troubles.

Satisfy Clients
Your suppliers prefer a more beneficial payment method. Easier payments result in special offers and savings for you. If you pay your customers via virtual card, which is an individual issued card for a one-time use, you will earn monthly cash rebates. It’s jointly 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.

Enhance Quality
Avoid error, delay, and avoidable costs with an automated A/P process. A/P errors are costly and take many resources to manually fix. With payment automation, you can see where, when and why issues happened. In contrast to the manual process, with automation you’ll be in a position to systematically address and eliminate errors to improve quality.
A/P payment automation can save you cash, earn you additional income, reduce the risks of fraudulent activity, bring your operations greater transparency, fulfill your customers’ demands, and enrich the get more info overall quality of your A/P processes.

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