Benefits of AP Automation

Top Reasons Why You Should Automate Accounts Payable

Even though modern technology makes Accounts Payable payment automation indispensable for many organizations, 60 percent of businesses in the United States are not aware of the countless benefits associated with A/P automation. Leveraging software programs to utilize the process in manner that is seamless and easy, here are our best 5 reasons why you should automate.

Cash Optimization
Accounts Payable automation enables A/P to correctly project its pending cash requirements, therefore getting rid of speculation. With increased transparency from A/P automation, visibility into the process allows your A/P department to deal with tasks and priorities that can effect your department with value add actions.

Reinforce internal controls
A manual A/P method is susceptible to fraudulent activity. You raise the issues of human error, overdue payments, missing invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that put a stop to and deter fraudulent activity.

Improve Awareness
The obsolete manual method suffers from insufficient visibility, through which can result in neglecting to realize a check here portion of risks. This can understate operating expenses and therefore overstate revenue, which can contribute to accounting and reporting malfunctions and ultimately fraudulent activity. A/P automation provides an entire audit trail of every part of the method, and permits management to promptly handle possible difficulties.

Please Customers
Your suppliers want a more beneficial payment method. More efficient payments result in discount rates and cost savings for you. If you pay your customers by way of virtual credit card, which is an individual issued card for a one-time use, you receive monthly cash back incentives. It’s mutually beneficial for Accounts Payable and Accounts Receivable. Your customers benefit from more efficient, seamless payments and your A/P Department pivots to a profit generator.

Enhance Quality
Avoid error, delay, and needless costs with an automated A/P process. A/P mistakes may be very costly and consume many resources to manually handle. With payment automation, you will see where, when and why issues occurred. Unlike the manual process, with automation you’ll have the ability to systematically address and get rid of problems to increase quality.
A/P payment automation can help you save cash, earn you additional profit, lessen the risks of fraudulent activity, get your operations more transparency, fulfill your customers’ demands, and enrich the total quality of here your A/P processes.

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