Benefits of AP Automation

Top Reasons to Automate Accounts Payable

Even though tech makes Accounts Payable payment automation indispensable for numerous organizations, 60 percent of organizations in the US are not aware of the numerous benefits of A/P automation. Leveraging software applications to utilize the method in manner that is seamless and trouble-free, here are our main five reasons why you should automate.

Cash Optimization
Accounts Payable automation lets A/P to correctly project its outstanding cash specifications, accordingly removing guess work. With better transparency from A/P automation, awareness into the system allows your A/P department to focus on tasks and things that can effect your department with value added activities.

Improve internal controls
A manual A/P method is prone to fraud. You add to the threats of human oversight, overdue payments, lost invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that put a stop to and deter fraud.

Boost Visibility
The obsolete manual method suffers from lack of awareness, wherein can result in neglecting to acknowledge a segment of liabilities. This may understate operating expenses thereby overstate income, that may click here cause accounting and reporting irregularities and ultimately fraudulent accounts payable automation activity. A/P automation offers a complete audit trail of each and every step in the method, and makes it possible for management to swiftly fix potential complications.

Satisfy Clients
Your suppliers would like a more efficient payment process. More efficient payments result in discount rates and cost savings for you. When you pay your clients via virtual card, which is an individual issued card for a one-time use, you receive monthly cash rebates. It’s jointly good for Accounts Payable and Accounts Receivable. Your clients benefit from more efficient, streamlined 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 errors can be very expensive and take many resources to manually correct. With payment automation, you see where, when and why mistakes took place. Contrary to the manual process, with automation you’ll be able to methodically address and eliminate problems to enhance quality.
A/P payment automation will save you cash, earn you extra earnings, decrease the risks of fraudulent activity, provide your operations better transparency, satisfy the customers’ demands, and boost the overall quality of your A/P processes.

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