Improve Payments With Accounts Payable Automation

Top Reasons to Automate Accounts Payable

Although modern technology has made Accounts Payable payment automation simple for many companies, 60 percent of businesses in the United States are not aware of the countless benefits associated with A/P automation. Leveraging software programs to utilize the process in manner that is seamless and effortless, the following are our major five reasons to automate.

Cash Optimization
Accounts Payable automation enables A/P to accurately project its outstanding cash specifications, accordingly removing uncertainty. With increased transparency from A/P automation, visibility into the system allows your A/P department to concentrate on tasks and priorities which will effect your department with value add activities.

Enhance internal controls
A manual A/P process is prone to fraudulent activity. You multiply the risks of human oversight, late payments, missing invoices, and the dreaded rush invoices. An automated A/P process embeds controls that reduce and discourage fraudulent activity.

Enhance Exposure
The outdated manual process is affected with insufficient awareness, in which can result in neglecting to acknowledge a portion of liabilities. This could understate operating expenses as well as overstate income, which could trigger accounting and reporting click here irregularities and ultimately fraud. A/P automation provides a complete audit trail of each part of the process, and makes it possible for management to promptly solve possible complications.

Please Clients
Your suppliers prefer a more effective payment method. More efficient payments result in deals and savings for you. When click here you pay your clients by way of virtual credit 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 clients benefit from more efficient, streamlined 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 errors may be very costly and consume many resources to manually clear up. With payment automation, you can see where, when and why faults occurred. Unlike the manual process, with automation you’ll have the ability to methodically address and get rid of problems to improve quality.
A/P payment automation can save you cash, earn you extra income, reduce the risks of fraud, provide your operations better transparency, fulfill your customers’ demands, and improve the total quality of your A/P processes.

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