Benefits of AP Automation

Top Reasons Why You Should Automate Accounts Payable

Even though tech makes Accounts Payable payment automation a standard for a lot of corporations, 60 % of organizations in the United States are not aware of the countless advantages of A/P automation. Leveraging software applications to utilize the method in manner that is seamless and convenient, here are our top five reasons to automate.

Cash Optimization
Accounts Payable automation enables A/P to accurately project its outstanding cash requirements, therefore removing uncertainty. With greater 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 method is prone to fraudulent activity. You multiply the pitfalls of human error, late payments, missing invoices, and the dreaded rush invoices. An automated A/P process embeds controls that prevent and deter fraud.

Increase Visibility
The outdated manual process suffers from insufficient awareness, by which can result in failing to acknowledge a portion of risks. This may understate operating expenses as well as overstate revenue, which could contribute to accounting and reporting abnormalities and ultimately fraudulent activity. A/P automation offers a whole audit trail of each step in the method, and makes it possible for management to promptly resolve possible troubles.

Satisfy Clients
Your suppliers want a more efficient payment method. More efficient payments result in special offers and savings for you. If you pay your customers with virtual credit card, which is a single issued card for a one-time use, you receive monthly cash rebates. It’s equally good for Accounts Payable and Accounts Receivable. Your customers benefit from more efficient, seamless payments and your A/P Department pivots to a profit generator.

Improve Quality
Avoid error, delay, and avoidable costs with an automated A/P process. A/P errors can be very expensive and take website many resources to manually correct. With payment automation, you see where, when and why mistakes took place. In contrast to the manual method, with automation you’ll have the ability to systematically address and get rid of problems to boost quality.
A/P payment automation will save you cash, earn you additional cash, lessen more info the risks of fraudulent activity, bring your operations increased transparency, meet the customers’ demands, and boost the overall quality of your A/P processes.

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