Find Out How Accounts Payable Solutions Can Transform Your Business

Top Reasons to Automate Accounts Payable

Despite the fact that modern technology has made Accounts Payable payment automation indispensable for numerous businesses, 60 percent of businesses in the United States are not aware of the many benefits of A/P automation. Leveraging software to utilize the method in manner that is seamless and trouble-free, here are our major five reasons why you should automate.

Cash Optimization
Accounts Payable automation lets A/P to accurately project its outstanding cash requirements, consequently getting rid of guess work. With better transparency from A/P automation, visibility into the system allows your A/P department to focus on tasks and priorities that can impact your department with value added activities.

Enhance internal controls
A manual A/P method is at risk of fraud. You add to the issues of human oversight, late payments, missing invoices, and the dreaded rush invoices. An automated A/P process embeds controls that put a stop to and discourage fraud.

Capitalize on Exposure
The outdated manual process suffers from lack of visibility, through which can result in failing to acknowledge a part of risks. This may understate operating expenses as well as overstate revenue, that may lead to accounting and reporting irregularities and ultimately fraud. A/P automation delivers a complete audit trail of every part of the method, and lets management to swiftly deal with potential difficulties.

Satisfy here Clients
Your vendors prefer a more beneficial payment method. More efficient payments result in deals and savings for you. If you pay your customers via virtual credit card, which is a single issued credit card for a one-time use, you generate monthly cash back incentives. It’s equally good for Accounts Payable and Accounts Receivable. Your customers experience more efficient, streamlined payments and your A/P Department pivots to a profit generator.

Improve Quality
Avoid error, delay, and unnecessary costs with an automated A/P process. A/P mistakes are expensive and use up many resources to manually handle. With payment automation, you see where, when and why mistakes happened. Contrary to the manual process, with automation you’ll have the ability to methodically address and eliminate errors to improve quality.
A/P payment automation can help you save cash, earn you extra revenue, lessen the risks of fraudulent activity, provide your operations better transparency, meet your customers’ needs, and enrich the total quality of your A/P processes.

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