Benefits of AP Automation

Top Reasons to Automate Accounts Payable

While technology has made Accounts Payable payment automation a standard for numerous corporations, 60 percent of organizations in the US are not aware of the many benefits of A/P automation. Leveraging software to apply the process in manner that is seamless and trouble-free, listed here are our main five reasons why you should automate.

Cash Optimization
Accounts Payable automation lets A/P to accurately project its pending cash requirements, therefore getting rid of guess work. With more transparency from A/P automation, visibility into the system allows your A/P department to deal with activities and things that will effect your department with value add actions.

Improve central controls
A manual A/P process is susceptible to fraud. You add to the pitfalls of human error, overdue payments, lost invoices, and the dreaded rush invoices. An automated A/P process embeds controls that reduce and deter fraudulent activity.

Optimize Awareness
The outdated manual method is affected with lack of visibility, by which can result in neglecting to identify a part of liabilities. This may understate expenditures and therefore overstate earnings, that may lead to accounting and reporting abnormalities and ultimately fraud. A/P automation produces a whole audit trail of every step in the method, and lets management to rapidly handle potential complications.

Satisfy Customers
Your vendors would like a more beneficial payment process. Easier payments result in discount rates and cost savings for you. When you pay your customers by means of virtual card, which is accounts payable solutions an individual issued credit card for a website one-time use, you earn monthly cash back incentives. It’s mutually beneficial for Accounts Payable and Accounts Receivable. Your customers experience more efficient, streamlined payments and your A/P Department pivots to a income generator.

Improve Quality
Avoid error, delay, and unnecessary costs with an automated A/P process. A/P errors are expensive and use up many resources to manually clear up. With payment automation, you can see where, when and why mistakes took place. Contrary to the manual method, with automation you’ll have the ability to systematically address and reduce mistakes to enhance quality.
A/P payment automation can help you save cash, earn you extra earnings, reduce the risks of fraud, bring your operations greater transparency, meet the customers’ needs, and advance the total quality of your A/P processes.

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