Benefits of Accounts Payable Automation

Top Reasons to Automate Accounts Payable

Although tech has made Accounts Payable payment automation simple for a number of companies, 60 % of companies in the USA do not know of the many advantages of A/P automation. Leveraging software programs to utilize the process in manner that is seamless and convenient, the following are our major five reasons why you should automate.

Cash Optimization
Accounts Payable automation enables A/P to correctly project its outstanding cash specifications, accordingly removing guesswork. With greater transparency from A/P automation, visibility into the system allows your A/P department to deal with tasks and things which will impact your department with value added actions.

Reinforce internal controls
A manual A/P process is at risk of fraudulent activity. You multiply the challenges of human oversight, late payments, lost invoices, and the dreaded rush invoices. An automated A/P process embeds controls that reduce and discourage fraudulent activity.

Improve Awareness
The obsolete manual process suffers from lack of awareness, wherein can result in failing to recognize a part of liabilities. This can understate expenditures and therefore overstate income, which could result in accounting and reporting malfunctions and ultimately fraudulent activity. A/P automation delivers a whole audit trail of each and every part of the process, and makes it possible for management to quickly deal with possible difficulties.

Satisfy Customers
Your suppliers prefer a more efficient payment method. More efficient payments result in special discounts and savings for you. When you pay your customers by means of virtual card, which is a single issued credit card for a one-time use, you earn monthly cash rebates. It’s collectively beneficial for Accounts Payable and Accounts Receivable. Your customers benefit from more efficient, streamlined payments and your A/P Department pivots to a income generator.

Improve Quality
Avoid error, here delay, and pointless costs with an automated A/P process. A/P errors are expensive and use up many resources to manually handle. With payment automation, you can see where, when and why mistakes occurred. Unlike the manual procedure, with automation you’ll be able to methodically address and get rid of mistakes to improve quality.
A/P payment automation ap solutions can help you save cash, earn you extra profit, lessen the risks of fraudulent activity, get more info bring your operations better transparency, fulfill your customers’ needs, and boost the total quality of your A/P processes.

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