Benefits of Accounts Payable Solutions

Top Reasons to Automate Accounts Payable

While modern technology has made Accounts Payable payment automation simple for numerous companies, 60 % of businesses in the USA are not aware of the numerous benefits of A/P automation. Leveraging software programs to implement the process in manner that is seamless and convenient, here are our main 5 reasons why you should automate.

Cash Optimization
Accounts Payable automation enables A/P to accurately project its pending cash requirements, accordingly getting rid of estimation. With more transparency from A/P automation, visibility into the process allows your A/P department to concentrate on activities and things which will impact your department with value add actions.

Strengthen internal controls
A manual A/P method is at risk of fraud. You multiply the risks of human error, late payments, missing invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that prevent and deter fraud.

Increase Visibility
The outdated manual process suffers from lack of awareness, through which can result in neglecting to realize a segment of liabilities. This could understate expenditures and therefore overstate income, which can lead to accounting and reporting irregularities and ultimately fraud. A/P automation produces an entire audit trail of each and every step in the method, and makes it possible for management to promptly resolve possible troubles.

Satisfy Customers
Your suppliers prefer a more effective payment process. More efficient payments result in special offers and savings for you. When you pay your customers by way of virtual card, which is an individual issued card for a one-time use, you will earn monthly cash back incentives. It’s mutually good for Accounts Payable and Accounts Receivable. Your customers benefit from more efficient, seamless payments and your A/P Department pivots click here to a income generator.

Enhance Quality
Avoid error, delay, and needless costs with an automated A/P process. A/P problems are expensive and take many resources to manually correct. With payment automation, click here you will see where, when and why mistakes transpired. Unlike the manual method, with automation you’ll be able to systematically address and get rid of issues to enhance quality.
A/P payment automation will save you cash, earn you additional profit, reduce the risks of fraud, bring your operations better transparency, meet your customers’ needs, and enrich the overall quality of your A/P processes.

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