Benefits of AP Automation

Top Reasons Why You Should Automate Accounts Payable

Even though tech has made Accounts Payable payment automation indispensable for a lot of companies, 60 % of corporations in the US do not know of the numerous advantages to A/P automation. Leveraging software programs to apply the process in manner that is seamless and effortless, listed here are our major five reasons why you should automate.

Cash Optimization
Accounts Payable automation enables A/P to accurately project its outstanding cash requirements, consequently getting rid of guess work. With greater transparency from A/P automation, awareness into the system allows your A/P department to give attention to tasks and priorities that can impact your department with value add actions.

Improve internal controls
A manual A/P method is susceptible to fraudulent activity. You increase the threats of human oversight, late payments, missing invoices, and the dreaded rush invoices. An automated A/P process embeds controls that prevent and deter fraud.

Optimize Awareness
The outdated manual method suffers from lack of awareness, through which can result in failing to realize a part of risks. This can understate expenditures and therefore overstate revenue, which can trigger accounting and reporting abnormalities more info and ultimately fraudulent activity. A/P automation offers a whole audit trail of every part of the get more info method, and lets management to swiftly deal with potential troubles.

Satisfy Clients
Your suppliers want a more efficient payment process. More efficient payments result in savings and savings for you. If you pay your clients by means of virtual credit card, which is an individual issued card for a one-time use, you will earn 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 revenue generator.

Improve Quality
Avoid error, delay, and unnecessary costs with an automated A/P process. A/P errors are 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 mistakes to increase quality.
A/P payment automation can help you save cash, earn you extra earnings, lessen the risks of fraudulent activity, get your operations more transparency, fulfill your customers’ needs, and enhance the overall quality of your A/P processes.

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