Improve Payments With AP Solutions

Top Reasons to Automate Accounts Payable

Although technology makes Accounts Payable payment automation simple for a lot of companies, 60 percent of businesses in the US do not know of the numerous benefits associated with A/P automation. Leveraging software programs to apply the method in manner that is seamless and convenient, the following are our main 5 reasons why you should automate.

Cash Optimization
Accounts Payable automation lets A/P to accurately project its outstanding cash requirements, consequently removing guesswork. With more transparency from A/P automation, visibility into the system allows your A/P department to give attention to activities and priorities that will impact your department with value added activities.

Enhance internal controls
A manual A/P method is subject to fraud. You add to the issues of human oversight, late payments, lost invoices, and the dreaded rush invoices. An automated A/P process embeds controls that avoid and deter fraudulent activity.

Boost Exposure
The outdated manual method suffers from insufficient awareness, wherein can result in failing to recognize a segment of risks. This can understate expenditures as well as overstate income, which can contribute to accounting and reporting irregularities and ultimately fraud. A/P automation offers a total audit trail of each and every part of the method, and enables management to swiftly resolve potential troubles.

Please Clients
Your vendors would like a more efficient payment method. More efficient payments result in discounts and savings for you. When you pay get more info your customers via virtual card, which is a single issued card for a one-time use, you generate monthly cash rebates. It’s collectively beneficial for Accounts Payable and Accounts Receivable. Your customers benefit from more efficient, streamlined payments and your A/P Department pivots to a revenue generator.

Improve Quality
Prevent error, delay, and unnecessary costs with an automated A/P process. A/P errors are costly and consume many resources to manually resolve. With payment automation, you will see where, when and why problems happened. In contrast to the manual process, with automation you’ll be able to methodically address and reduce problems to increase quality.
A/P payment automation can help you save cash, earn you extra revenue, lessen the risks of fraudulent activity, get your operations increased transparency, satisfy your customers’ demands, and enrich the total quality of your A/P processes.

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