Find Out How AP Automation Can Transform Your Business

Top Reasons to Automate Accounts Payable

Despite the fact that tech has made Accounts Payable payment automation a standard for numerous corporations, 60 % of corporations in the US do not know of the many benefits of A/P automation. Leveraging software to implement the method in manner that is seamless and convenient, the following are our main five reasons to automate.

Cash Optimization
Accounts Payable automation allows A/P to correctly project its outstanding cash requirements, consequently eliminating speculation. With better transparency from A/P automation, awareness into the system allows your A/P department to give attention to activities and things which will impact your department with value added activities.

Improve central controls
A manual A/P process is at risk of fraud. You increase the pitfalls of human oversight, late payments, lost invoices, and the dreaded rush invoices. An automated A/P process embeds controls that prevent and discourage fraud.

Maximize Exposure
The outdated manual practice suffers from insufficient visibility, by which can result in neglecting to acknowledge a segment of risks. This could understate operating expenses thereby overstate revenue, which could contribute to accounting and reporting malfunctions and ultimately fraudulent activity. A/P automation provides an entire audit trail of every part of the method, and permits click here management to promptly handle possible troubles.

Please Clients
Your vendors get more info prefer a more effective payment process. More efficient payments result in discounts and savings for you. Whenever you pay your clients via virtual card, which is a single issued credit card for a one-time use, you will earn monthly cash rebates. It’s collectively beneficial 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 unneeded costs with an automated A/P process. A/P problems may be very costly and consume many resources to manually correct. With payment automation, you see where, when and why issues occurred. Unlike the manual process, with automation you’ll have the ability to systematically address and get rid of mistakes to increase quality.
A/P payment automation can help you save cash, earn you extra profit, decrease the risks of fraud, bring your operations increased transparency, meet your customers’ needs, and advance the total quality of your A/P processes.

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