Benefits of AP Automation

Top Reasons to Automate Accounts Payable

Although tech has made Accounts Payable payment automation simple for a number of businesses, 60 % of organizations in the US are unaware of the numerous advantages to A/P automation. Leveraging software to utilize the process in manner that is seamless and trouble-free, here are our top five reasons to automate.

Cash Optimization
Accounts Payable automation allows A/P to correctly project its pending cash specifications, consequently getting rid of speculation. With greater transparency from A/P automation, awareness into the process allows your A/P department to give attention to activities and things that will effect your department with value added activities.

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

Improve Visibility
The outdated manual process suffers from lack of visibility, wherein can result in neglecting to realize a segment of risks. This could understate expenditures thereby overstate earnings, which could trigger accounting and reporting malfunctions and ultimately fraudulent activity. A/P automation delivers a whole audit trail of each step in the method, and allows management to promptly resolve possible complications.

Please Customers
Your suppliers prefer a more efficient payment process. Easier payments result in deals and savings for you. Whenever you pay your customers with virtual card, which is an individual issued card for a one-time use, you will earn monthly cash back incentives. It’s equally good for Accounts Payable and Accounts Receivable. Your customers experience more efficient, seamless payments and your A/P Department pivots to a income generator.

Enhance Quality
Prevent error, delay, and unneeded costs with an automated A/P process. A/P problems are expensive and accounts payable solutions take many resources to manually handle. With payment automation, you see where, when and why errors took place. In contrast to the manual procedure, with automation you’ll be able to systematically address and eliminate mistakes to increase quality.
A/P payment automation will save you cash, earn you additional cash, lessen the risks of fraudulent activity, provide your operations better transparency, satisfy the customers’ needs, and enhance the overall quality of your A/P processes.

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