Benefits of Accounts Payable Solutions

Top Reasons to Automate Accounts Payable

While technology makes Accounts Payable payment automation simple for numerous companies, 60 % of corporations in the USA are not aware of the many advantages to A/P automation. Leveraging software programs to apply the process in manner that is seamless and trouble-free, listed here are our best five reasons why you should automate.

Cash Optimization
Accounts Payable automation allows A/P to correctly project its outstanding cash specifications, consequently removing estimation. With greater transparency from A/P automation, visibility into the process allows your A/P department to give attention to tasks and things that can effect your department with value added actions.

Enhance central controls
A manual A/P method is prone to fraud. You increase the issues of human oversight, late payments, missing invoices, and the dreaded rush invoices. An automated A/P process embeds controls that reduce and deter fraud.

Increase Exposure
The obsolete manual process is affected with insufficient visibility, in which can result in failing to realize a portion of risks. This could understate expenses as well as overstate earnings, that may trigger accounting and reporting irregularities and ultimately fraud. A/P automation delivers a complete audit trail of every step in the method, and allows management to quickly fix possible problems.

Satisfy Clients
Your vendors prefer a more effective payment process. Easier payments result in discount rates and savings for you. If you pay your clients via virtual card, which is a single issued credit card for a one-time use, you generate monthly cash rebates. It’s equally beneficial for Accounts Payable and Accounts Receivable. Your clients experience more efficient, seamless payments and your A/P Department pivots to a revenue generator.

Enhance Quality
Avoid error, delay, and pointless costs with an automated A/P process. A/P problems here are expensive and consume many resources to manually clear up. With payment automation, you see where, when and why issues transpired. In contrast to the manual process, with automation you’ll be able to methodically address and get rid of errors to improve quality.
A/P payment automation will save you cash, earn you extra income, reduce the risks of fraud, provide your operations more transparency, meet your customers’ needs, and boost the total quality of your A/P processes.

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