Improve Payments With Accounts Payable Automation

Top Reasons to Automate Accounts Payable

Even though modern technology makes Accounts Payable payment automation simple for many companies, 60 percent of corporations in the USA are not aware of the many advantages to A/P automation. Leveraging software programs to implement the process in manner that is seamless and convenient, here are our main five reasons to automate.

Cash Optimization
Accounts Payable automation lets A/P to correctly project its outstanding cash specifications, consequently removing speculation. With more transparency from A/P automation, awareness into the system allows your A/P department to concentrate on activities and priorities that can impact your department with value add activities.

Enhance central controls
A manual A/P method is prone to fraud. You multiply the threats of human oversight, late payments, missing invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that prevent and discourage fraudulent activity.

Maximize Visibility
The obsolete manual method is affected with insufficient visibility, in which can result in failing to identify a portion of risks. This could understate expenses as well as overstate earnings, that may contribute to accounting and reporting malfunctions and ultimately fraudulent activity. A/P automation offers a complete audit trail of each and every step in the process, and allows management to swiftly fix possible issues.

Please Clients
Your vendors prefer a more efficient payment method. More efficient payments result in deals and cost savings for you. When you pay your customers by means of virtual card, which is a single issued card for a one-time use, you receive monthly cash back incentives. It’s jointly good for Accounts Payable and Accounts Receivable. Your clients experience more efficient, streamlined payments and your A/P Department pivots to a income generator.

Improve Quality
Avoid error, delay, and needless costs with an automated A/P process. A/P errors are expensive and consume many resources to manually correct. With payment automation, you see where, when and why faults took place. In contrast to the manual process, with automation you’ll be able to methodically address and eliminate issues to increase quality.
A/P payment automation can help you save cash, earn you additional cash, decrease the risks of fraudulent activity, get your operations greater transparency, fulfill your customers’ demands, and improve the overall quality of your website A/P processes.

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