Benefits of AP Automation

Top Reasons to Automate Accounts Payable

Despite the fact that technology has made Accounts Payable payment automation indispensable for a lot of companies, 60 percent of companies in the USA are not aware of the numerous advantages to A/P automation. Leveraging software to implement the process in manner that is seamless and effortless, listed here are our best 5 reasons why you should automate.

Cash Optimization
Accounts Payable automation enables A/P to correctly project its pending cash requirements, therefore removing uncertainty. With increased transparency from A/P automation, visibility into the system allows your A/P department to concentrate on tasks and things which will effect your department with value added activities.

Enhance internal controls
A manual A/P process is vulnerable to fraudulent activity. You multiply the pitfalls of human error, late payments, missing invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that reduce and discourage fraudulent activity.

Enhance Exposure
The obsolete manual practice is affected with insufficient awareness, in which can result in neglecting to identify a segment of liabilities. This can understate expenses thereby overstate earnings, which can cause accounting and reporting abnormalities and ultimately fraudulent activity. A/P automation produces an entire audit trail of each and every step in the process, and enables management to quickly fix potential issues.

Please Customers
Your vendors want a more beneficial payment method. Easier payments result in discount rates and savings for you. Whenever you pay your clients by way of virtual credit card, which is a single issued credit card for a one-time use, you generate click here monthly cash back incentives. It’s collectively good for Accounts Payable and Accounts Receivable. Your clients experience more efficient, streamlined payments and your A/P Department pivots to a cash generator.

Enhance Quality
Avoid error, delay, and pointless costs with an automated A/P process. A/P errors may be very costly and consume many resources to manually resolve. read more With payment automation, you will see where, when and why issues occurred. Unlike the manual method, with automation you’ll be in a position to methodically address and reduce issues to increase quality.
A/P payment automation can save you cash, earn you extra income, reduce the risks of fraudulent activity, provide your operations better transparency, satisfy your customers’ demands, and improve the total quality of your A/P processes.

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