Improve Payments With AP Automation

Top Reasons to Automate Accounts Payable

Although tech makes Accounts Payable payment automation simple for many companies, 60 percent of businesses in the United States are not aware of the countless advantages of A/P automation. Leveraging software applications to apply the method in manner that is seamless and effortless, here are our top five reasons to automate.

Cash Optimization
Accounts Payable automation allows A/P to correctly project its pending cash specifications, therefore removing estimation. With better transparency from A/P automation, awareness into the process allows your A/P department to concentrate on tasks and priorities that can impact your department with value added activities.

Reinforce internal controls
A manual A/P process is prone 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 stop and discourage fraudulent activity.

Improve Visibility
The outdated manual practice is affected with lack of visibility, through which can result in failing to recognize a segment of risks. This may understate expenses and therefore overstate earnings, which could result in accounting and reporting irregularities and ultimately fraud. A/P automation offers an entire audit trail of every step in the method, and makes it possible for management to swiftly correct potential troubles.

Satisfy Customers
Your suppliers prefer a more efficient payment method. Easier payments result in savings and cost savings for you. If you pay your clients with virtual credit card, accounts payable automation which is a single issued card for a one-time use, you earn monthly cash rebates. It’s collectively beneficial for Accounts Payable and Accounts Receivable. Your customers benefit from more efficient, seamless payments and your A/P Department pivots to a cash generator.

Improve Quality
Prevent error, delay, and unnecessary costs with an automated A/P process. A/P errors can be very expensive and take click here many resources to manually clear up. With payment automation, you will see where, when and why faults happened. Unlike the manual method, with automation you’ll be in a position to methodically address and reduce issues to boost quality.
A/P payment automation can save check here you cash, earn you extra revenue, decrease the risks of fraud, bring your operations more transparency, fulfill the customers’ needs, and improve the overall quality of your A/P processes.

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