Benefits of Accounts Payable Automation

Top Reasons Why You Should Automate Accounts Payable

Although technology has made Accounts Payable payment automation simple for a number of businesses, 60 % of organizations in the USA are not aware of the many advantages to A/P automation. Leveraging software applications to implement the process in manner that is seamless and trouble-free, listed here are our top 5 reasons why you should automate.

Cash Optimization
Accounts Payable automation allows A/P to correctly project its pending cash requirements, consequently getting rid of estimation. With greater transparency from A/P automation, awareness into the system allows your A/P department to deal with tasks and priorities that will impact your department with value add activities.

Reinforce central controls
A manual A/P process is subject to fraud. You multiply the pitfalls of human error, late payments, lost invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that stop and deter fraudulent activity.

Optimize Visibility
The outdated manual practice is affected with insufficient awareness, in which can result in failing to acknowledge a part of liabilities. read more This may understate operating expenses as well as overstate revenue, which could cause accounting and reporting irregularities and ultimately fraud. A/P automation produces an entire audit trail of every step in the process, and makes it possible for management to swiftly correct potential troubles.

Satisfy Customers
Your vendors prefer a more effective payment method. Easier payments result in discount rates and savings for you. When you pay your clients by way of virtual card, which is an individual issued credit card for a one-time use, you earn monthly cash rebates. It’s collectively good for Accounts Payable and Accounts Receivable. Your clients experience more efficient, seamless payments and your A/P Department pivots to a cash generator.

Improve Quality
Avoid error, delay, and unneeded costs with an automated A/P process. A/P mistakes may be very costly and take many resources to manually handle. With payment automation, you see where, when and why errors occurred. Unlike the manual method, with automation you’ll have the ability to systematically address and eliminate mistakes to improve quality.
A/P payment automation can save you cash, earn you additional cash, lessen the risks of fraud, bring your operations better transparency, satisfy the customers’ needs, and boost the overall quality of your A/P processes.

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