Benefits of AP Automation

Top Reasons Why You Should Automate Accounts Payable

While technology makes Accounts Payable payment automation simple for a lot of organizations, 60 % of corporations in the USA are unaware of the countless advantages of A/P automation. Leveraging software applications to implement the process in manner that is seamless and convenient, listed here are our best 5 reasons why you should automate.

Cash Optimization
Accounts Payable automation lets A/P to correctly project its outstanding cash requirements, therefore removing speculation. With better transparency from A/P automation, awareness into the process allows your A/P department to deal with activities and things that will effect your department with value added activities.

Improve internal controls
A manual A/P method is vulnerable to fraudulent activity. You multiply the issues of human error, overdue payments, lost invoices, and the dreaded rush invoices. An automated A/P process embeds controls that stop and discourage fraud.

Enhance Visibility
The outdated manual process suffers from insufficient awareness, wherein can result in failing to recognize a segment of check here risks. This may understate expenses thereby overstate revenue, which can trigger accounting and reporting irregularities and ultimately fraud. A/P automation offers an entire audit trail of every step in the process, and lets management to quickly fix potential troubles.

Satisfy Clients
Your suppliers would like a more effective payment process. Easier payments result in special offers and savings for you. If you pay your clients by means of virtual credit card, which is a single issued card for a one-time use, you earn monthly cash rebates. It’s jointly beneficial for Accounts Payable and Accounts Receivable. Your customers experience more efficient, seamless payments and your A/P Department pivots to a revenue generator.

Improve Quality
Avoid error, delay, and unneeded costs with an automated A/P process. A/P problems may be very costly and take many resources to manually fix. With payment automation, you can see where, when and why mistakes occurred. Unlike the manual procedure, with automation you’ll be in a position to methodically address and get rid of mistakes to enhance quality.
A/P payment automation can save you cash, earn you additional cash, decrease the risks of fraud, bring your operations more transparency, meet the customers’ needs, and advance the total quality of your A/P processes.

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