Improve Payments With AP Solutions

Top Reasons to Automate Accounts Payable

Despite the fact that tech has made Accounts Payable payment automation indispensable for many businesses, 60 % of businesses in the US do not know of the many benefits of A/P automation. Leveraging software programs to implement the process in manner that is seamless and trouble-free, here are our major five reasons why you should automate.

Cash Optimization
Accounts Payable automation allows A/P to accurately project its outstanding cash requirements, accordingly eliminating uncertainty. With increased transparency from A/P automation, visibility into the system allows your A/P department to deal with tasks and priorities that can effect your department with value add actions.

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

Increase Awareness
The obsolete manual process suffers from insufficient awareness, wherein can result in neglecting to identify a portion of liabilities. This could understate operating expenses thereby overstate earnings, that may trigger accounting and reporting malfunctions and ultimately fraudulent activity. A/P automation produces a complete audit trail of every step in the process, and permits management to promptly fix potential problems.

Satisfy Clients
Your vendors would get more info like a more beneficial payment process. More efficient payments result in special discounts and savings for you. Whenever you pay your clients with virtual card, which is a single issued card for a one-time use, you will earn monthly cash back incentives. It’s equally good for Accounts Payable and Accounts Receivable. Your clients experience more info more efficient, streamlined payments and your A/P Department pivots to a cash generator.

Enhance Quality
Prevent error, delay, and unneeded costs with an automated A/P process. A/P mistakes can be very expensive and use up many resources to manually remedy. With payment automation, you will see where, when and why errors took place. In contrast to the manual process, with automation you’ll have the ability to methodically address and eliminate problems to improve quality.
A/P payment automation can help you save cash, earn you additional revenue, check here decrease the risks of fraudulent activity, provide your operations better transparency, fulfill your customers’ needs, and enhance the total quality of your A/P processes.

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