Find Out How Accounts Payable Automation Can Transform Your Business

Top Reasons to Automate Accounts Payable

Despite the fact that technology has made Accounts Payable payment automation simple for a lot of companies, 60 percent of corporations in the US are unaware of the numerous benefits associated with A/P automation. Leveraging software programs to apply the method in manner that is seamless and convenient, listed here are our best five reasons why you should automate.

Cash Optimization
Accounts Payable automation allows A/P to correctly project its pending cash requirements, consequently removing uncertainty. With more transparency from A/P automation, visibility into the process allows your A/P department to focus on tasks and priorities which will impact your department with value added activities.

Reinforce internal controls
A manual A/P method is prone to fraud. You raise the challenges of human oversight, late payments, missing invoices, and the dreaded rush invoices. An automated A/P process embeds controls that prevent and discourage fraudulent activity.

Optimize Awareness
The outdated manual process suffers from insufficient visibility, through which can result in failing to recognize a segment of risks. This can understate expenditures as well as overstate earnings, that may trigger accounting and reporting irregularities and ultimately fraud. A/P automation offers an entire audit trail of every step in the process, and makes it possible for management to quickly solve potential difficulties.

Satisfy Clients
Your vendors want a more effective payment process. Easier payments result in discount rates and cost savings for you. Whenever you pay your clients with virtual credit card, which is an individual issued credit card for a one-time use, you earn monthly cash rebates. It’s collectively good for Accounts Payable and Accounts Receivable. Your clients experience more efficient, seamless payments and your A/P Department pivots to a revenue generator.

Improve Quality
Prevent ap automation error, delay, and pointless costs with an automated A/P process. A/P problems are expensive and consume many resources to manually fix. With payment automation, you see where, when and why issues occurred. Contrary to the manual procedure, with automation you’ll be able to systematically address and eliminate issues to improve quality.
A/P payment automation can save you cash, earn you extra revenue, reduce the risks of fraud, provide your operations more transparency, satisfy the customers’ demands, and boost the overall quality of your A/P processes.

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