Improve Payments With AP Solutions

Top Reasons Why You Should Automate Accounts Payable

While technology makes Accounts Payable payment automation simple for a lot of companies, 60 percent of businesses in the US do not know of the many benefits of A/P automation. Leveraging software applications to implement the process in manner that is seamless and easy, listed here are our best five reasons why you should automate.

Cash Optimization
Accounts Payable automation allows A/P to correctly project its pending cash specifications, accordingly eliminating speculation. With greater transparency from A/P automation, awareness into the process allows your A/P department to deal with tasks and things which will impact your department with value add actions.

Enhance central controls
A manual A/P process is at risk of fraudulent activity. You raise the threats of human error, 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 Visibility
The obsolete manual method is affected with insufficient visibility, by which can result in failing to identify a portion of risks. This can understate operating expenses as well as overstate revenue, which can contribute to accounting and reporting malfunctions and ultimately fraud. A/P automation offers a total audit trail of each and every step in the process, and makes it possible for management to promptly deal with possible difficulties.

Please Clients
Your vendors would like a more efficient payment process. More efficient payments result in special offers and savings for you. When you pay your customers by means of virtual card, which is a single issued credit card for a one-time use, you receive monthly cash back incentives. It’s mutually good for Accounts Payable and Accounts Receivable. Your clients benefit from more efficient, seamless payments and your A/P Department pivots to a profit generator.

Improve Quality
Prevent error, delay, and unnecessary costs with an automated A/P process. A/P errors can be very expensive and take many resources to manually resolve. With payment automation, you will see where, when and why faults took place. In contrast to the manual procedure, with automation you’ll be able to methodically check here address and get rid of mistakes to improve quality.
A/P payment automation will save you cash, earn you extra cash, decrease the risks of fraudulent activity, get your operations greater transparency, satisfy your customers’ needs, and enhance the overall quality of your A/P processes.

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