Find Out How AP Automation Can Transform Your Business

Top Reasons Why You Should Automate Accounts Payable

Despite the fact that tech makes Accounts Payable payment automation simple for many organizations, 60 % of corporations in the United States are not aware of the many benefits of A/P automation. Leveraging software to implement the process in manner that is seamless and easy, here are our major 5 reasons why you should automate.

Cash Optimization
Accounts Payable automation lets A/P to accurately project its outstanding cash requirements, therefore removing estimation. With greater 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 add activities.

Strengthen central controls
A manual A/P method is subject to fraud. You add to the threats of human error, overdue payments, lost invoices, and the dreaded rush invoices. An automated A/P process embeds controls that prevent and deter fraudulent activity.

Enhance Exposure
The outdated manual method is affected with lack of awareness, by which can result in neglecting to realize a portion of liabilities. This could understate operating expenses and therefore overstate earnings, that may lead to accounting and reporting abnormalities and ultimately fraudulent activity. A/P automation provides a whole audit trail of each and every step in the website process, and lets management to promptly fix possible problems.

Satisfy Customers
Your suppliers want a more effective payment process. Easier payments result in discount rates and savings for you. Whenever you pay your clients by way of virtual credit card, which is an individual issued credit card for a one-time use, you will earn 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 profit generator.

Enhance Quality
Prevent error, delay, and unnecessary costs with an automated A/P process. A/P problems may be very costly and consume many resources to manually solve. With payment automation, you can see where, when and why issues took place. In contrast to the manual process, with automation you’ll be able to methodically address and reduce mistakes to improve quality.
A/P payment automation can save you cash, earn you extra revenue, lessen the risks of fraudulent activity, get your operations greater transparency, meet the customers’ demands, and enrich the total quality of your A/P processes.

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