Benefits of Accounts Payable Solutions

Top Reasons Why You Should Automate Accounts Payable

Although technology makes Accounts Payable payment automation indispensable for many companies, 60 percent of businesses in the US are unaware of the countless benefits associated with A/P automation. Leveraging software programs to apply the method in manner that is seamless and easy, here are our main 5 reasons to automate.

Cash Optimization
Accounts Payable automation enables A/P to correctly project its pending cash requirements, therefore removing guess work. With more transparency from A/P automation, visibility into the system allows your A/P department to focus on activities and priorities which will effect your department with value added actions.

Enhance internal controls
A manual A/P process is susceptible to fraud. You multiply the threats of human oversight, overdue payments, lost invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that prevent and deter fraud.

Enhance Awareness
The outdated manual practice is affected with insufficient visibility, in which can result in failing to acknowledge a part of risks. This can understate expenses as well as overstate earnings, which could cause accounting and reporting irregularities and ultimately fraudulent activity. A/P automation offers a total audit trail of each and every step in the method, and lets management to rapidly fix possible problems.

Please Customers
Your vendors would like a more effective payment process. More efficient payments result in deals and cost savings for you. When more info you pay your customers with virtual card, which is a single read more issued card for a one-time use, you will earn monthly cash rebates. It’s collectively 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.

Enhance Quality
Prevent error, delay, and needless costs with an automated A/P process. A/P mistakes can be very expensive and take many resources to manually fix. With payment automation, you see where, when and why errors occurred. Unlike the manual process, with automation you’ll have the ability to systematically address and eliminate errors to improve quality.
A/P payment automation will save you cash, earn you additional profit, decrease the risks of fraud, provide your operations get more info more transparency, fulfill the customers’ demands, and improve the total quality of your A/P processes.

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