Find Out How AP Solutions Can Transform Your Business

Top Reasons Why You Should Automate Accounts Payable

While technology has made Accounts Payable payment automation indispensable for numerous organizations, 60 % of businesses in the United States are not aware of the countless benefits of A/P automation. Leveraging software programs to utilize the process in manner that is seamless and effortless, here are our top five reasons why you should automate.

Cash Optimization
Accounts Payable automation lets A/P to accurately project its pending cash specifications, accordingly removing estimation. With increased transparency from A/P automation, visibility into the system allows your A/P department to give attention to activities and priorities that will effect your department with value add actions.

Enhance internal controls
A manual A/P method is susceptible to fraudulent activity. You raise the challenges of human oversight, overdue payments, missing invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that reduce and deter fraudulent activity.

Enhance Visibility
The outdated manual process suffers from lack of visibility, through which can result in failing to recognize a part click here of liabilities. This could understate expenses thereby overstate income, which could result in accounting and reporting malfunctions and ultimately fraudulent activity. A/P automation offers an entire audit trail of each part of the process, and permits management to quickly handle possible difficulties.

Please Clients
Your suppliers would like a more beneficial payment method. More efficient payments result in special discounts and cost savings for you. If you pay your clients with virtual credit card, which is an individual 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, seamless payments and your A/P Department pivots to a income generator.

Enhance Quality
Prevent error, delay, and unnecessary costs with an automated A/P process. A/P website errors are expensive and consume many resources to manually clear up. With payment automation, you can see where, when and why mistakes happened. In contrast to the manual method, with automation you’ll be in a position to methodically address and get rid of problems to increase quality.
A/P payment automation will save you cash, earn you additional profit, lessen the risks of fraudulent activity, get your operations more transparency, fulfill your customers’ demands, and enrich the overall quality of your A/P processes.

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