Benefits of AP Automation

Top Reasons to Automate Accounts Payable

Despite the fact that modern technology has made Accounts Payable payment automation simple for numerous corporations, 60 % of businesses in the USA are unaware of the numerous benefits of A/P automation. Leveraging software applications to apply the process in manner that is seamless and easy, the following are our top 5 reasons to automate.

Cash Optimization
Accounts Payable automation allows A/P to accurately project its pending cash requirements, accordingly getting rid of estimation. With more transparency from A/P automation, awareness into the system allows your A/P department to focus on activities and things which will impact your department with value add activities.

Strengthen internal controls
A manual A/P method is prone to fraud. You multiply the issues of human error, late payments, lost invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that put a stop to and deter fraud.

Optimize Exposure
The outdated click here manual process is affected with lack of awareness, through which can result in neglecting to acknowledge a segment of risks. This could understate expenses as well as overstate earnings, which can contribute to accounting and reporting malfunctions and ultimately fraudulent activity. A/P automation offers a total audit trail of each step in the process, and read more allows management to quickly solve possible issues.

Please Customers
Your vendors prefer a more effective payment process. More efficient payments result in special discounts click here and cost savings for you. When you pay your customers with virtual card, which is an individual issued credit card for a one-time use, you generate monthly cash back incentives. 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 cash generator.

Enhance Quality
Prevent error, delay, and unneeded costs with an automated A/P process. A/P problems are costly and use up many resources to manually resolve. With payment automation, you can see where, when and why faults transpired. Unlike the manual method, with automation you’ll be in a position to methodically address and reduce errors to enhance quality.
A/P payment automation can help you save cash, earn you additional profit, lessen the risks of fraudulent activity, bring your operations greater transparency, meet your customers’ demands, and enrich the overall quality of your A/P processes.

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