Improve Payments With Accounts Payable Automation

Top Reasons Why You Should Automate Accounts Payable

Despite the fact that tech has made Accounts Payable payment automation indispensable for numerous organizations, 60 percent of organizations in the US are not aware of the countless advantages to A/P automation. Leveraging software applications to apply the process in manner that is seamless and easy, listed here are our top 5 reasons to automate.

Cash Optimization
Accounts Payable automation allows A/P to correctly project its outstanding cash requirements, accordingly removing uncertainty. With greater transparency from A/P automation, awareness into the process allows your A/P department to concentrate on activities and things that can effect your department with value add actions.

Reinforce internal controls
A manual A/P method is subject to fraud. You increase the risks of human oversight, late payments, lost invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that put a stop to and deter fraudulent activity.

Capitalize on Visibility
The outdated manual practice suffers from lack of awareness, in which can result in neglecting to acknowledge a portion of liabilities. This may understate operating expenses thereby overstate income, which can contribute to accounting and reporting irregularities and ultimately fraud. A/P automation provides a whole audit trail of each and every part of the method, and allows management to rapidly deal with possible problems.

Please Clients
Your suppliers prefer a more efficient payment process. Easier payments result in discounts and cost savings for you. Whenever you pay your customers via virtual credit card, which check here is a single issued card for a one-time use, you will earn monthly cash back incentives. 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 income generator.

Improve Quality
Prevent error, delay, and unneeded costs get more info with an automated A/P process. A/P errors may be very costly and use up many resources to manually correct. With payment automation, you can see where, when and why issues happened. Contrary to the manual process, with automation you’ll have the ability to methodically address and eliminate mistakes to boost quality.
A/P payment automation can save you cash, earn you extra profit, lessen the risks of fraudulent activity, bring your operations more transparency, fulfill the customers’ needs, and advance the here overall quality of your A/P processes.

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