Improve Payments With AP Automation

Top Reasons to Automate Accounts Payable

Although modern technology makes Accounts Payable payment automation simple for a lot of businesses, 60 percent of companies in the USA are unaware of the countless benefits associated with A/P automation. Leveraging software programs to utilize the process in manner that is seamless and trouble-free, the following are our main 5 reasons to automate.

Cash Optimization
Accounts Payable automation lets A/P to accurately project its outstanding cash requirements, accordingly eliminating estimation. With better transparency from A/P automation, awareness into the process allows your A/P department to give attention to activities and things that can impact your department with value added activities.

Enhance central controls
A manual A/P process is vulnerable to fraudulent activity. You increase the pitfalls of human error, late payments, lost invoices, and the dreaded rush invoices. An automated A/P process embeds controls that reduce and discourage fraudulent activity.

Capitalize on Exposure
The outdated manual process suffers from lack of awareness, in which can result in neglecting to acknowledge a portion of liabilities. This could understate expenditures as well as overstate revenue, which can trigger accounting and reporting abnormalities and ultimately fraudulent activity. A/P automation offers a whole audit trail of each step in the process, and allows management to quickly solve potential complications.

Satisfy Clients
Your suppliers prefer a more beneficial payment method. More efficient payments result in special discounts and savings for you. Whenever you pay your customers via virtual card, which is an individual issued credit card for a one-time use, you generate monthly cash rebates. It’s website mutually good for Accounts Payable and Accounts Receivable. Your customers experience more efficient, streamlined payments and your A/P Department pivots to a profit generator.

Improve Quality
Prevent error, delay, and avoidable costs with an automated A/P process. A/P mistakes are costly and take many resources to manually solve. With payment automation, you see where, when and why problems occurred. In contrast to the manual procedure, with automation you’ll be able to systematically address and reduce mistakes to improve quality.
A/P payment automation will save you cash, earn you additional earnings, reduce the risks of fraud, get your operations more transparency, satisfy your customers’ demands, and enhance the total quality of your A/P processes.

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