Find Out How AP Automation Can Transform Your Business

Top Reasons Why You Should Automate Accounts Payable

While technology has made Accounts Payable payment automation indispensable for many companies, 60 percent of organizations in the US do not know of the countless advantages of A/P automation. Leveraging software programs to utilize the method in manner that is seamless and convenient, the following are our major 5 reasons why you should automate.

Cash Optimization
Accounts Payable automation enables A/P to correctly project its pending cash requirements, consequently eliminating estimation. With increased transparency from A/P automation, awareness into the process allows your A/P department to concentrate on activities and things that will effect your department with value added actions.

Improve internal controls
A manual A/P process is vulnerable to fraud. You increase the pitfalls of human oversight, late payments, missing invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that avoid and deter fraudulent activity.

Capitalize on Visibility
The outdated manual process is affected with insufficient visibility, in which can result in failing accounts payable automation to identify a portion of risks. This could understate expenses as well as overstate income, that may trigger accounting and reporting irregularities and ultimately fraudulent activity. A/P automation provides a complete audit trail of each step in the method, and enables management to promptly handle potential troubles.

Satisfy Clients
Your vendors want a more beneficial payment get more info method. Easier payments result in deals and cost savings for you. When you pay your clients via virtual card, which is an individual issued credit card for a one-time use, you generate monthly cash more info 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 income generator.

Enhance Quality
Prevent error, delay, and needless costs with an automated A/P process. A/P mistakes are costly and consume many resources to manually resolve. With payment automation, you can see where, when and why faults transpired. Unlike the manual process, with automation you’ll have the ability to methodically address and reduce errors to improve quality.
A/P payment automation can help you save cash, earn you extra profit, lessen the risks of fraudulent activity, get your operations more transparency, satisfy the customers’ needs, and advance the total quality of your A/P processes.

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