Find Out How Accounts Payable Solutions Can Transform Your Business

Top Reasons Why You Should Automate Accounts Payable

While technology has made Accounts Payable payment automation indispensable for many companies, 60 percent of companies in the United States are not aware of the countless benefits of A/P automation. Leveraging software programs to implement the method in manner that is seamless and convenient, the following are our main 5 reasons to automate.

Cash Optimization
Accounts Payable automation allows A/P to correctly project its pending cash specifications, consequently getting rid of uncertainty. With more transparency from A/P automation, awareness into the system allows your A/P department to concentrate on activities and things which will impact your department with value add activities.

Enhance internal controls
A manual A/P process is at risk of fraudulent activity. You raise the challenges of human error, overdue payments, missing invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that prevent and deter fraud.

Maximize Awareness
The obsolete manual method is affected with insufficient awareness, in which can result in neglecting to identify a segment of liabilities. This can understate expenses and therefore overstate revenue, that may here lead to accounting and reporting irregularities and ultimately fraud. A/P automation provides a complete audit more info trail of every part of the process, and permits management to rapidly handle potential issues.

Please Customers
Your vendors want a more beneficial payment process. Easier payments result in special discounts and cost savings for you. When you pay your clients by means of virtual credit card, which is a single issued card for a one-time use, you generate monthly cash back incentives. It’s collectively good for Accounts Payable and Accounts Receivable. Your clients experience more efficient, streamlined payments and your A/P Department pivots to a cash generator.

Enhance Quality
Prevent error, delay, and needless costs with an automated A/P process. A/P problems may be very costly and consume many resources to manually resolve. With payment automation, you will see where, when and why issues occurred. Unlike the manual process, with automation you’ll have the ability to systematically address and get rid of problems to increase quality.
A/P payment automation can help you save cash, earn you extra profit, decrease the risks of fraud, bring your operations greater transparency, satisfy the customers’ demands, and enrich the overall quality of your A/P processes.

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