Improve Payments With AP Solutions

Top Reasons to Automate Accounts Payable

Although technology makes Accounts Payable payment automation simple for a number of corporations, 60 % of corporations in the US are unaware of the numerous benefits associated with A/P automation. Leveraging software programs to apply the method in manner that is seamless and convenient, listed here are our best 5 reasons why you should automate.

Cash Optimization
Accounts Payable automation lets A/P to correctly project its outstanding cash requirements, therefore removing speculation. With greater transparency from A/P automation, awareness into the process allows your A/P department to deal with activities and things which will effect your department with value add actions.

Improve central controls
A manual A/P process is vulnerable to fraudulent activity. You multiply the pitfalls of human error, overdue payments, missing invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that stop and discourage fraud.

Improve Awareness
The obsolete manual process suffers from insufficient awareness, wherein can result in neglecting to acknowledge a portion of liabilities. This may understate expenses thereby overstate revenue, which can cause accounting and reporting abnormalities and ultimately fraud. A/P automation provides a whole audit trail of each and every step in the process, and permits management to promptly solve potential complications.

Please Customers
Your suppliers prefer a more efficient payment method. More efficient payments result in discounts and savings for you. When you pay your customers by means of virtual card, which is a single issued card for a one-time use, get more info 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 income generator.

Improve Quality
Avoid error, delay, and unnecessary costs with an automated A/P process. A/P errors are expensive and take many resources to manually clear up. With payment automation, you will see where, when and why mistakes transpired. Unlike the manual procedure, with automation you’ll have the ability to methodically address and eliminate issues to increase quality.
A/P payment automation can save you cash, earn you extra income, reduce the risks of fraud, get your operations increased transparency, satisfy your customers’ needs, and boost the overall quality of your A/P processes.

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