Benefits of Accounts Payable Automation

Top Reasons to Automate Accounts Payable

Although tech makes Accounts Payable payment automation a standard for a number of organizations, 60 percent of organizations in the USA are unaware of the countless advantages of A/P automation. Leveraging software programs to implement the process in manner that is seamless and trouble-free, here are our main five reasons why you should automate.

Cash Optimization
Accounts Payable automation allows A/P to correctly project its outstanding cash requirements, accordingly getting rid of estimation. With increased transparency from A/P automation, awareness into the system allows your A/P department to concentrate on tasks and priorities that will effect your department with value add actions.

Reinforce central controls
A manual A/P process is vulnerable to fraudulent activity. You multiply the threats of human error, overdue payments, lost invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that put a stop to and deter fraudulent activity.

Increase Awareness
The obsolete manual method is affected with insufficient visibility, by which can result in neglecting to acknowledge a segment of liabilities. This can understate operating expenses and therefore overstate earnings, that may cause accounting and reporting abnormalities and ultimately fraudulent activity. A/P automation delivers a total audit trail of each and every step in the process, and lets management to quickly deal with potential difficulties.

Please Customers
Your suppliers want a more effective payment process. Easier payments result in discount rates and savings for you. Whenever you pay your customers via virtual card, which is a single issued card for a one-time use, you receive monthly cash rebates. It’s equally good for Accounts Payable and Accounts Receivable. Your clients experience more efficient, seamless payments and your A/P Department pivots to a profit generator.

Improve Quality
Avoid error, delay, and needless costs with an automated A/P process. A/P mistakes can be very expensive and use up many resources to manually correct. With payment automation, you can see where, when and why problems happened. Unlike the manual process, with automation you’ll be able to methodically address and reduce problems to increase quality.
A/P payment automation can help you save cash, earn you extra income, reduce the risks of fraudulent activity, get your operations increased transparency, meet your customers’ needs, and enhance the website overall quality of your A/P processes.

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