Improve Payments With Accounts Payable Solutions

Top Reasons Why You Should Automate Accounts Payable

Although tech has made Accounts Payable payment automation indispensable for a lot of corporations, 60 percent of companies in the US do not know of the countless advantages to A/P automation. Leveraging software applications to apply the process in manner that is seamless and easy, the following are our major five reasons why you should automate.

Cash Optimization
Accounts Payable automation enables A/P to correctly project its outstanding cash specifications, accordingly removing guess work. With better transparency from A/P automation, visibility into the process allows your A/P department to focus on tasks and things which will impact your department with value added actions.

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

Boost Awareness
The obsolete manual method suffers from insufficient visibility, by which can result in neglecting to acknowledge a segment of risks. This can understate operating expenses thereby overstate revenue, which can result in accounting and reporting malfunctions and ultimately fraudulent activity. A/P automation provides an entire audit trail of every part of the method, and enables management to promptly fix possible issues.

Satisfy Clients
Your vendors would like a more efficient payment method. More efficient payments result in discount rates and savings for you. Whenever you pay your clients with virtual credit card, which is more info an individual issued credit card for a one-time use, you receive monthly cash back incentives. It’s jointly good for Accounts Payable and Accounts Receivable. Your clients experience more efficient, seamless payments and your A/P Department pivots to a cash generator.

Enhance Quality
Avoid error, delay, and avoidable costs with an automated A/P process. A/P problems may be very costly and take many resources to manually solve. With payment automation, you can see where, when and why mistakes occurred. Unlike the manual procedure, with automation you’ll be in a position to systematically address and reduce issues to boost quality.
A/P payment automation will save you cash, earn you extra income, lessen the risks of fraudulent activity, bring your operations greater transparency, satisfy your customers’ needs, and enhance the overall quality of your A/P processes.

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