Find Out How AP Automation Can Transform Your Business

Top Reasons to Automate Accounts Payable

Although tech makes Accounts Payable payment automation simple for a lot of businesses, 60 percent of businesses in the USA are not aware of the countless benefits associated with A/P automation. Leveraging software applications to implement the process in manner that is seamless and convenient, the following are our best 5 reasons why you should automate.

Cash Optimization
Accounts Payable automation allows A/P to correctly project its pending cash requirements, therefore eliminating speculation. With greater transparency from A/P automation, visibility into the process allows your A/P department to give attention to tasks and things that can effect your department with value added actions.

Reinforce central controls
A manual A/P process is prone to fraud. You multiply the pitfalls of human oversight, overdue payments, lost invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that stop and discourage fraud.

Capitalize on Exposure
The obsolete manual method suffers from insufficient visibility, in which can result in failing to realize a portion of risks. This could understate expenses as well as overstate earnings, which can lead to accounting and reporting irregularities and ultimately fraudulent activity. A/P automation provides an entire audit trail of each part of the process, and allows management to swiftly handle possible troubles.

Satisfy Customers
Your suppliers prefer a more efficient payment method. Easier payments result in deals and cost savings for you. If you pay your customers by means of virtual card, which is a single issued card for a one-time use, you receive monthly cash back incentives. It’s jointly beneficial for Accounts Payable and Accounts Receivable. Your customers experience more efficient, streamlined payments and your A/P Department pivots to a revenue generator.

Enhance Quality
Avoid error, delay, and unnecessary read more costs with an automated A/P process. A/P mistakes may be very costly and take many resources to manually handle. With payment automation, you can see where, when and why problems happened. Contrary to the manual process, with automation you’ll be able to methodically address and reduce errors to enhance quality.
A/P payment automation can save you cash, earn you extra earnings, reduce the risks of fraudulent activity, provide your operations greater transparency, satisfy the customers’ needs, and enhance the overall quality of your A/P processes.

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