Find Out How AP Automation Can Transform Your Business

Top Reasons to Automate Accounts Payable

Even though technology has made Accounts Payable payment automation simple for numerous companies, 60 % of businesses in the US do not know of the countless advantages to A/P automation. Leveraging software applications to apply the method in manner that is seamless and trouble-free, here are our top 5 reasons to automate.

Cash Optimization
Accounts Payable automation lets A/P to accurately project its pending cash requirements, consequently removing guesswork. With better transparency from A/P automation, visibility into the process allows your A/P department to concentrate on activities and things that can effect your department with value add activities.

Strengthen internal controls
A manual A/P method is vulnerable to fraud. You increase the risks of human oversight, overdue payments, missing invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that avoid and discourage fraud.

Enhance Visibility
The obsolete manual method is affected with insufficient visibility, by which can result in neglecting to recognize a part of liabilities. This may understate expenditures and therefore overstate revenue, which could lead to accounting and reporting irregularities and ultimately fraud. A/P automation produces a whole audit trail of every step in the method, and enables management to promptly handle possible troubles.

Please Customers
Your suppliers would like a more efficient payment method. Easier payments result in savings and savings for you. When you pay your customers by way of virtual credit card, which is a single issued card for a one-time use, you generate monthly read more cash back incentives. It’s jointly good 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, delay, and unneeded costs with an automated A/P process. A/P problems may be very costly and consume many resources to manually correct. With payment automation, you see where, when and why issues occurred. Unlike the manual procedure, with automation you’ll be in a position to methodically address and get rid of website issues to improve quality.
A/P payment automation will save you cash, earn you additional profit, decrease the risks of fraud, bring your operations better transparency, satisfy your customers’ needs, and advance the overall quality of your A/P processes.

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