Benefits of Accounts Payable Solutions

Top Reasons Why You Should Automate Accounts Payable

While technology has made Accounts Payable payment automation a standard for a number of corporations, 60 % of corporations in the United States are not aware of the countless benefits associated with A/P automation. Leveraging software to implement the method in manner that is seamless and trouble-free, here are our best 5 reasons to automate.

Cash Optimization
Accounts Payable automation enables A/P to correctly project its outstanding cash requirements, accordingly eliminating speculation. With better transparency from A/P automation, awareness into the process allows your A/P department to deal with activities and things which will effect your department with value add actions.

Reinforce internal controls
A manual A/P process is prone to fraudulent activity. You raise the challenges of human oversight, late payments, lost invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that put a stop to and deter fraud.

Maximize Exposure
The outdated manual method is affected with lack of visibility, by which can result in click here failing to identify a part of liabilities. This could understate expenses as well as overstate income, which could result in accounting and reporting malfunctions and ultimately fraudulent activity. A/P automation produces a total audit trail of each part of the method, and permits management to quickly handle possible complications.

Satisfy Customers
Your suppliers prefer a more effective payment method. Easier payments result in discount rates and cost savings for you. Whenever you pay your clients with virtual credit card, which is an individual issued credit card for a one-time use, you generate monthly cash rebates. It’s jointly beneficial for Accounts Payable and Accounts Receivable. Your customers experience more efficient, seamless payments and your A/P Department pivots to a cash generator.

Improve Quality
Prevent error, delay, and pointless costs with an automated A/P process. A/P mistakes can be very expensive and take many resources to manually solve. With payment automation, you can see where, when and why mistakes happened. Unlike the manual process, with automation you’ll be able to systematically address and reduce issues to increase quality.
A/P payment automation can help you save cash, earn you extra earnings, reduce the risks of fraudulent activity, bring your operations increased transparency, meet the customers’ needs, and enhance the overall quality of your A/P processes.

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