Improve Payments With Accounts Payable Automation

Top Reasons to Automate Accounts Payable

Even though tech makes Accounts Payable payment automation a standard for a lot of businesses, 60 percent of organizations in the United States are not aware of the many benefits of A/P automation. Leveraging software applications to apply the method in manner that is seamless and convenient, here are our best 5 reasons why you should automate.

Cash Optimization
Accounts Payable automation lets A/P to accurately project its pending cash requirements, accordingly eliminating estimation. With greater transparency from A/P automation, awareness into the system allows your A/P department to focus on activities and priorities that can impact your department with value added activities.

Strengthen internal controls
A manual A/P method is subject to fraudulent activity. You increase the pitfalls of human error, late payments, missing invoices, and the dreaded rush invoices. An automated A/P process embeds controls that stop and discourage fraudulent activity.

Improve Visibility
The outdated manual process suffers from lack of visibility, wherein can result in neglecting to acknowledge a portion of risks. This could understate operating expenses and therefore overstate revenue, that may result in accounting get more info and reporting abnormalities and ultimately fraudulent activity. A/P automation offers a total audit trail of every part of the process, and enables management to quickly resolve possible troubles.

Satisfy Clients
Your suppliers want a more efficient payment method. Easier payments result in deals and savings for you. When you pay your customers with virtual card, which is a single issued card for a one-time use, you generate monthly cash rebates. It’s mutually beneficial for Accounts Payable and Accounts Receivable. Your clients experience more efficient, streamlined payments and your A/P Department pivots to a revenue generator.

Enhance Quality
Avoid error, delay, and unnecessary costs with an automated A/P process. A/P problems may be very costly and consume many resources to manually clear up. With payment automation, you can see where, when and why problems transpired. Unlike the manual method, with automation you’ll be in a position to methodically address and get rid of problems to boost quality.
A/P payment automation can save you cash, earn you extra earnings, decrease the risks of fraud, get your operations more transparency, satisfy the customers’ needs, and enhance the total quality of your A/P processes.

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