Benefits of AP Automation

Top Reasons to Automate Accounts Payable

Although modern technology has made Accounts Payable payment automation indispensable for many organizations, 60 percent of businesses in the United States are not aware of the countless benefits associated with A/P automation. Leveraging software to utilize the process in manner that is seamless and easy, listed here are our best 5 reasons why you should automate.

Cash Optimization
Accounts Payable automation lets A/P to accurately project its outstanding cash specifications, accordingly eliminating estimation. With increased transparency from A/P automation, visibility into the system allows your A/P department to give attention to activities and things which will effect your department with value added activities.

Enhance internal controls
A manual A/P method is subject to fraudulent activity. You increase the pitfalls of human oversight, late payments, missing invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that put a stop to and deter fraudulent activity.

Enhance Exposure
The outdated manual practice suffers from lack of awareness, in which can result in neglecting to acknowledge a segment of risks. This may understate expenses thereby overstate revenue, which can trigger accounting and reporting irregularities and ultimately fraud. A/P automation offers an entire audit trail of every step check here in the process, and lets management to promptly fix possible complications.

Please Clients
Your vendors would like a more efficient payment method. More efficient payments result in savings and cost savings for you. If you pay your clients with virtual credit card, which is an individual issued card for a one-time use, you receive monthly cash rebates. It’s equally beneficial for Accounts Payable and Accounts Receivable. Your customers benefit from more efficient, seamless payments and your A/P Department pivots to a profit generator.

Enhance Quality
Avoid error, delay, and needless costs with an automated A/P process. A/P errors are expensive and consume many resources to manually solve. With payment automation, you can see where, when and why errors transpired. Contrary to the manual method, with automation here you’ll be able to methodically address and get rid of mistakes to boost quality.
A/P payment automation will save you cash, earn you extra revenue, decrease the risks of fraud, provide your operations increased transparency, satisfy your customers’ needs, and boost the total quality of your A/P processes.

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