Benefits of Accounts Payable Automation

Top Reasons Why You Should Automate Accounts Payable

Although modern technology makes Accounts Payable payment automation indispensable for numerous corporations, 60 % of corporations in the US do not know of the numerous advantages to A/P automation. Leveraging software to utilize the process in manner that is seamless and effortless, here are our major 5 reasons why you should automate.

Cash Optimization
Accounts Payable automation enables A/P to correctly project its pending cash requirements, therefore eliminating estimation. With better transparency from A/P automation, awareness into the process allows your A/P department to deal with activities and priorities that can impact your department with value add actions.

Strengthen internal controls
A manual A/P process is vulnerable to fraudulent activity. You increase the threats of human oversight, late payments, missing invoices, and the dreaded rush invoices. An automated A/P process embeds controls that put a stop to and discourage fraudulent activity.

Capitalize on Exposure
The obsolete manual method suffers from lack of visibility, wherein can result in neglecting to realize a segment of liabilities. This could understate expenditures thereby overstate income, which can cause accounting and reporting malfunctions and ultimately fraud. A/P automation delivers a complete audit trail of each and every part of the process, and enables management to quickly solve possible complications.

Satisfy Clients
Your suppliers would like a more effective payment process. More efficient payments result in special offers and savings for you. If you pay your customers with virtual card, which is a single issued credit card for a one-time use, you generate monthly cash back incentives. It’s mutually beneficial for Accounts Payable and Accounts Receivable. Your clients experience more efficient, seamless payments and your A/P Department pivots to a cash generator.

Enhance Quality
Prevent error, delay, and unneeded costs with an automated A/P process. A/P problems are expensive and use up many resources to manually handle. With payment automation, you here will see where, when and why errors happened. In contrast to the manual method, with automation you’ll have the ability to systematically address and get rid of mistakes to increase quality.
A/P payment automation will save you cash, earn you extra profit, decrease the risks of fraud, bring check here your operations greater transparency, satisfy the customers’ demands, and enrich the overall quality of your A/P processes.

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