Benefits of Accounts Payable Automation

Top Reasons Why You Should Automate Accounts Payable

Even though modern technology makes Accounts Payable payment automation indispensable for numerous organizations, 60 percent of corporations in the US do not know of the numerous advantages to A/P automation. Leveraging software to apply the process in manner that is seamless and trouble-free, the following are our major five reasons to automate.

Cash Optimization
Accounts Payable automation enables A/P to accurately project its pending cash requirements, consequently eliminating uncertainty. With more transparency from A/P automation, awareness into the process allows your A/P department to focus on tasks and priorities that will effect your department with value add actions.

Improve internal controls
A manual A/P method is subject to fraud. You increase the threats of human error, overdue payments, missing invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that put a stop to and deter fraud.

Maximize Awareness
The obsolete manual method is affected with insufficient visibility, through which can result in failing to identify a segment of risks. This could understate operating expenses and therefore overstate earnings, which could result in accounting and reporting malfunctions and ultimately fraud. A/P automation offers a complete audit trail of each step in the method, and permits management to promptly handle possible problems.

Satisfy Customers
Your suppliers would like a more beneficial payment process. More efficient payments result in special offers and cost savings for you. If you pay your clients with virtual card, which is a single issued card for a one-time use, you generate monthly cash rebates. It’s equally beneficial for Accounts Payable and Accounts Receivable. Your clients benefit from more efficient, seamless payments and your A/P Department pivots to a profit generator.

Improve Quality
Avoid error, delay, and unneeded costs with an automated A/P process. A/P mistakes can be very expensive and use up many resources to manually clear up. With payment automation, you see where, when more info and why issues occurred. In contrast to the manual process, with automation you’ll be able to systematically address and reduce problems to increase quality.
A/P payment automation can help you save cash, earn you extra revenue, lessen the risks of fraudulent activity, get your operations increased transparency, meet the customers’ needs, and enrich the overall quality of your A/P processes.

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