Benefits of AP Automation

Top Reasons Why You Should Automate Accounts Payable

While modern technology has made Accounts Payable payment automation indispensable for numerous businesses, 60 percent of organizations in the USA are unaware of the numerous benefits associated with A/P automation. Leveraging software applications to implement the method in manner that is seamless and easy, the following are our main five reasons to automate.

Cash Optimization
Accounts Payable automation lets A/P to accurately project its pending cash requirements, therefore eliminating estimation. With greater transparency from A/P automation, visibility into the process allows your A/P department to deal with tasks and things that can impact your department with value added activities.

Reinforce central controls
A manual A/P method is at risk of fraudulent activity. You increase the issues of human oversight, overdue payments, missing invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that reduce and discourage fraudulent activity.

Maximize Visibility
The outdated manual process is affected with lack of awareness, wherein can result in neglecting to realize a segment of risks. This can understate operating expenses thereby overstate revenue, which could lead to accounting and reporting abnormalities and ultimately fraud. A/P automation produces a total audit trail of each and every step in the process, and allows management to swiftly solve possible issues.

Satisfy Clients
Your vendors prefer a more effective payment process. More efficient payments result in discounts and savings for you. If you pay your clients via virtual card, which is a single issued credit card for a one-time use, you generate monthly cash rebates. It’s jointly good for Accounts Payable and Accounts Receivable. Your clients experience more efficient, seamless payments and your A/P Department pivots to a cash generator.

Enhance Quality
Avoid error, delay, and pointless costs with an automated A/P process. A/P problems can be very expensive and consume many resources to manually resolve. With payment automation, you can see where, when and why mistakes transpired. Unlike the manual method, with automation you’ll be able to systematically address check here and get rid of mistakes to increase quality.
A/P payment automation will save you cash, earn you extra cash, lessen the risks of fraudulent activity, bring your operations better transparency, meet the customers’ demands, and advance the overall quality of your A/P processes.

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