Improve Payments With AP Solutions

Top Reasons Why You Should Automate Accounts Payable

Even though technology makes Accounts Payable payment automation indispensable for numerous companies, 60 % of organizations in the USA do not know of the numerous benefits associated with A/P automation. Leveraging software applications to utilize the method in manner that is seamless and easy, the following are our top five reasons to automate.

Cash Optimization
Accounts Payable automation allows A/P to accurately project its pending cash requirements, therefore getting rid of guesswork. With increased transparency from A/P automation, visibility into the process allows your A/P department to give attention to activities and things that can effect your department with value added activities.

Reinforce internal controls
A manual A/P process is prone to fraud. You multiply the threats of human oversight, late payments, missing invoices, and the dreaded rush invoices. An automated A/P process embeds controls that put a stop to and discourage fraudulent activity.

Optimize Exposure
The obsolete manual method suffers from insufficient visibility, through which can result here in failing to realize a part of liabilities. This may understate operating expenses as well as overstate revenue, which could contribute to accounting and reporting abnormalities and ultimately fraudulent activity. A/P automation produces a whole audit trail of every part of the process, and allows management to promptly deal with potential problems.

Please Customers
Your vendors would like a check here more efficient payment method. More efficient payments result in discounts and savings for you. Whenever you pay your clients with virtual card, which is a single issued card for a one-time use, you will earn monthly cash back incentives. It’s collectively good for Accounts Payable and Accounts Receivable. Your customers experience more efficient, seamless 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 mistakes may be very costly and consume many resources to manually remedy. With payment automation, you can see where, when and why problems occurred. Contrary to the manual procedure, with automation you’ll be able to systematically address and eliminate errors to improve quality.
A/P payment automation can save you cash, earn you additional cash, lessen the risks get more info of fraudulent activity, get your operations more transparency, meet the customers’ needs, and enhance the total quality of your A/P processes.

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