Benefits of Accounts Payable Solutions

Top Reasons to Automate Accounts Payable

Even though modern technology has made Accounts Payable payment automation indispensable for a number of businesses, 60 percent of companies in the USA are not aware of the many benefits of A/P automation. Leveraging software to implement the process in manner that is seamless and effortless, the following are our major 5 reasons to automate.

Cash Optimization
Accounts Payable automation lets A/P to accurately project its outstanding cash specifications, consequently getting rid of guesswork. With more transparency from A/P automation, visibility into the system allows your A/P department to give attention to activities and things that will impact your department with value added activities.

Strengthen central controls
A manual A/P process is subject to fraud. You add to the threats of human error, overdue payments, lost invoices, and the dreaded rush invoices. An automated A/P process embeds controls that prevent and discourage fraudulent activity.

Improve Visibility
The obsolete manual practice suffers from insufficient awareness, wherein can result in failing to recognize a segment of risks. This can understate expenditures as well as overstate income, which could contribute to accounting and reporting irregularities and ultimately fraud. A/P automation offers a complete audit trail of each part of the method, and allows management to rapidly deal with possible issues.

Satisfy Customers
Your vendors would like a more beneficial payment process. Easier payments result in discount rates and cost savings for you. Whenever get more info you pay your clients with virtual credit card, which is an individual issued credit card for a one-time use, you will earn monthly cash rebates. It’s mutually beneficial for Accounts Payable and Accounts Receivable. Your customers benefit from more efficient, seamless payments and your A/P Department pivots to a profit generator.

Enhance Quality
Prevent error, delay, and unnecessary costs with an automated A/P process. A/P errors are costly and consume many resources to manually fix. With payment automation, you will see where, when and why problems happened. Unlike the manual process, with automation you’ll be able to methodically address and reduce problems to enhance quality.
A/P payment automation can help you save cash, earn you extra revenue, lessen the risks of fraudulent activity, get your operations increased transparency, meet the customers’ demands, and boost the overall quality of your A/P processes.

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