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Top Reasons to Automate Accounts Payable

Despite the fact that technology makes Accounts Payable payment automation simple for a number of organizations, 60 % of corporations in the US do not know of the countless benefits associated with A/P automation. Leveraging software applications to apply the method in manner that is seamless and easy, here are our top 5 reasons why you should automate.

Cash Optimization
Accounts Payable automation allows A/P to accurately project its pending cash specifications, therefore eliminating guesswork. With better transparency from A/P automation, awareness into the system allows your A/P department to concentrate on activities and things that will effect your department with value added activities.

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

Enhance Visibility
The obsolete manual get more info practice suffers from lack of visibility, through which can result in failing to recognize a part of risks. This can understate operating expenses and therefore overstate earnings, that may lead to accounting and reporting irregularities and ultimately fraud. A/P automation provides a complete audit trail of each step in the process, and makes it possible for management to quickly solve possible problems.

Satisfy Customers
Your suppliers would like a more beneficial payment method. More efficient payments result in special discounts and savings for you. If you pay your customers by way of virtual card, which is a single issued credit card for a one-time use, you here generate monthly cash back incentives. It’s collectively 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 unnecessary costs with an automated A/P process. A/P mistakes are expensive and use up many resources to manually clear up. With payment automation, you can see where, when and why problems transpired. Unlike the manual procedure, with automation you’ll be able to systematically address and get rid of mistakes to enhance quality.
A/P payment automation can save you cash, earn you extra income, lessen the risks of fraudulent activity, get your operations better transparency, fulfill the customers’ demands, and improve the total quality of your A/P processes.

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