Find Out How AP Automation Can Transform Your Business

Top Reasons to Automate Accounts Payable

While modern technology makes Accounts Payable payment automation indispensable for numerous organizations, 60 percent of companies in the USA are not aware of the numerous benefits of A/P automation. Leveraging software to utilize the process in manner that is seamless and convenient, listed here are our major 5 reasons to automate.

Cash Optimization
Accounts Payable automation enables A/P to correctly project its outstanding cash requirements, accordingly removing guess work. With greater transparency from A/P automation, visibility into the system allows your A/P department to deal with activities and things which will impact your department with value added activities.

Improve central controls
A manual A/P method is subject to fraud. You add to the threats of human oversight, overdue payments, lost invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that stop and deter fraud.

Enhance Awareness
The outdated manual process suffers from insufficient visibility, through which can result in neglecting to identify a portion of liabilities. This may understate expenditures and therefore overstate income, which can result in accounting and reporting irregularities and ultimately fraudulent activity. A/P automation provides a complete audit trail of every part of the method, and makes it possible for management to swiftly solve possible troubles.

Satisfy Clients
Your vendors would like a more efficient payment process. Easier payments result in discount rates and savings for you. If you pay your clients by means of virtual credit card, accounts payable solutions which is an individual issued card for a one-time use, you earn website monthly cash back incentives. It’s equally good for Accounts Payable and Accounts Receivable. Your customers benefit from 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 problems are expensive and consume many resources to manually resolve. With payment automation, you will see where, when and why errors took place. Contrary to the manual procedure, with automation you’ll be able to systematically address and eliminate mistakes to increase quality.
A/P payment automation can help you save cash, earn you additional cash, lessen the risks of fraudulent activity, get your operations more transparency, fulfill your customers’ needs, and boost the total quality of your A/P processes.

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