Find Out How AP Automation Can Transform Your Business

Top Reasons to Automate Accounts Payable

Although modern technology makes Accounts Payable payment automation a standard for a lot of corporations, 60 percent of organizations 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 five reasons to automate.

Cash Optimization
Accounts Payable automation enables A/P to accurately project its outstanding cash requirements, consequently getting rid of uncertainty. With increased transparency from A/P automation, visibility into the system allows your A/P department to focus on tasks and priorities that can impact your department with value add actions.

Reinforce internal controls
A manual A/P process is vulnerable to fraudulent activity. You add to the threats of human error, overdue payments, lost invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that put a stop to and discourage fraud.

Enhance Exposure
The obsolete manual method suffers from lack of visibility, by which can result in failing to acknowledge a part of liabilities. This could understate expenses and therefore overstate income, that may result in accounting and reporting irregularities and ultimately fraud. A/P automation offers an entire audit trail of each step in the process, and lets management to rapidly resolve potential troubles.

Please Customers
Your suppliers prefer a more efficient payment method. More efficient payments result in savings and cost savings for you. Whenever you pay your customers with virtual card, which is an individual issued card for a one-time use, you earn monthly cash rebates. It’s jointly beneficial for Accounts Payable and Accounts Receivable. Your clients benefit from more efficient, seamless payments and your A/P Department pivots to a income generator.

Enhance Quality
Avoid error, delay, and needless costs with an automated A/P process. A/P errors are expensive and take many resources to manually remedy. With payment automation, you will get more info see where, when and why errors took place. Unlike the manual procedure, with automation you’ll be in a position to systematically address and reduce mistakes to boost quality.
A/P payment automation can save you cash, earn you additional revenue, decrease the risks of fraud, get your operations greater transparency, fulfill the customers’ demands, and advance the overall quality of your A/P processes.

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