Find Out How Accounts Payable Automation Can Transform Your Business

Top Reasons to Automate Accounts Payable

Even though technology has made Accounts Payable payment automation indispensable for a number of corporations, 60 % of companies in the US do not know of the countless advantages to A/P automation. Leveraging software applications to apply the process in manner that is seamless and easy, the following are our best five reasons why you should automate.

Cash Optimization
Accounts Payable automation enables A/P to correctly project its outstanding cash specifications, therefore getting rid of guess work. With increased transparency from A/P automation, visibility into the process allows your A/P department to concentrate on activities and priorities that can effect your department with value add activities.

Strengthen internal controls
A manual A/P method is susceptible to fraudulent activity. You add to the pitfalls of human oversight, late payments, missing invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that avoid and discourage fraud.

Enhance Visibility
The obsolete manual method is affected with insufficient visibility, by which can result in neglecting to recognize a part of liabilities. This may understate expenditures and therefore overstate earnings, which can result in accounting and reporting malfunctions and ultimately fraud. A/P automation offers a total audit trail of each and every step in the process, and allows management to swiftly fix possible difficulties.

Please Clients
Your suppliers want a more beneficial payment method. More efficient payments result in special discounts and cost savings for you. If you pay your clients by means of virtual card, which is an individual issued credit card for a one-time use, you earn monthly cash rebates. It’s equally good for Accounts Payable and Accounts Receivable. Your clients experience more efficient, seamless payments and your A/P Department pivots to a revenue generator.

Improve Quality
Avoid error, delay, and pointless costs with an automated A/P process. A/P problems are costly and consume many resources to manually remedy. With payment automation, you see where, when and why errors occurred. Unlike the manual process, with automation you’ll be able to systematically address and reduce issues to boost more info quality.
A/P payment automation will save you cash, earn you additional profit, decrease the risks of fraud, bring your operations better transparency, satisfy your customers’ demands, and advance the total get more info quality of your A/P processes.

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