Improve Payments With Accounts Payable Automation

Top Reasons to Automate Accounts Payable

Despite the fact that technology has made Accounts Payable payment automation indispensable for many companies, 60 % of organizations in the US are not aware of the countless benefits associated with A/P automation. Leveraging software to implement the method in manner that is seamless and effortless, here are our best 5 reasons to automate.

Cash Optimization
Accounts Payable automation lets A/P to accurately project its pending cash requirements, consequently eliminating guess work. With better transparency from A/P automation, visibility into the process allows your A/P department to focus on activities and things that can effect your department with value add activities.

Strengthen central controls
A manual A/P method is subject to fraudulent activity. You raise the threats of human error, late payments, lost 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 suffers from insufficient visibility, in which check here can result in failing to realize a portion of risks. This could understate expenses as well as overstate earnings, that may contribute to accounting and reporting malfunctions and ultimately fraud. A/P automation offers a total audit trail of each and every step in the method, and permits management to quickly correct potential problems.

Please Clients
Your suppliers would like a more efficient payment process. Easier payments result in savings and savings for you. If you pay your customers by way of virtual credit card, which is a single issued credit card for a one-time use, you earn monthly cash rebates. It’s jointly beneficial for Accounts Payable and Accounts Receivable. Your customers experience more efficient, seamless payments and your A/P Department pivots to a income generator.

Enhance Quality
Prevent error, delay, and unnecessary costs with an automated A/P process. A/P mistakes here may be very costly and consume many resources to manually clear up. With payment automation, you can see where, when and why issues occurred. Unlike the manual method, with automation you’ll be in a position to methodically address and eliminate mistakes to increase quality.
A/P payment automation will save you cash, earn you additional revenue, reduce the risks of fraud, get your get more info operations more transparency, fulfill the customers’ needs, and enhance the total quality of your A/P processes.

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