Benefits of Accounts Payable Automation

Top Reasons Why You Should Automate Accounts Payable

Even though technology has made Accounts Payable payment automation a standard for many organizations, 60 % of corporations in the US do not know of the countless advantages to A/P automation. Leveraging software to apply the process in manner that is seamless and effortless, listed here are our top 5 reasons to automate.

Cash Optimization
Accounts Payable automation lets A/P to correctly project its pending cash requirements, therefore getting rid of estimation. With greater transparency from A/P automation, awareness into the process allows your A/P department to give attention to activities and priorities which will effect your department with value add actions.

Enhance central controls
A manual A/P method is subject to fraudulent activity. You increase the challenges of human error, late payments, lost invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that prevent and discourage fraudulent activity.

Maximize Visibility
The outdated manual process is affected with insufficient awareness, by which can result in failing to identify a portion of liabilities. This can understate expenses thereby overstate earnings, which could result in accounting and reporting irregularities and ultimately fraudulent activity. A/P automation delivers a total audit trail of every step in the process, and makes it possible for management to quickly handle possible problems.

Satisfy Customers
Your suppliers prefer a more efficient payment method. More efficient payments result in discounts and savings for you. If you pay your clients with virtual card, which is a single issued credit card for a one-time use, you generate monthly cash rebates. It’s jointly beneficial for Accounts Payable and Accounts Receivable. Your customers experience more efficient, seamless payments and your A/P Department pivots to a revenue generator.

Improve Quality
Prevent error, delay, and unneeded costs with an automated A/P process. A/P errors can be very expensive and consume many resources to manually remedy. 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 eliminate mistakes to increase quality.
A/P payment automation can save get more info you cash, earn you extra profit, lessen the risks of fraud, bring your operations increased transparency, fulfill your customers’ needs, and improve the total quality of your A/P processes.

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