Improve Payments With Accounts Payable Solutions

Top Reasons to Automate Accounts Payable

While tech has made Accounts Payable payment automation simple for many corporations, 60 percent of corporations in the USA do not know of the countless advantages to A/P automation. Leveraging software programs to apply the method in manner that is seamless and easy, here are our best 5 reasons why you should automate.

Cash Optimization
Accounts Payable automation enables A/P to correctly project its outstanding cash specifications, consequently eliminating guess work. With increased transparency from A/P automation, visibility into the process allows your A/P department to concentrate on activities and priorities which will impact your department with value add activities.

Strengthen internal controls
A manual A/P method is vulnerable to fraud. You add to the challenges of human error, overdue payments, lost invoices, and the dreaded rush invoices. An automated A/P process embeds controls that reduce and deter fraudulent activity.

Enhance Visibility
The outdated manual practice suffers from insufficient visibility, by which can result in neglecting to acknowledge a segment of liabilities. This could understate expenses as well as overstate income, that may cause accounting and reporting abnormalities and ultimately fraud. A/P automation produces a complete audit trail of each part of the process, and allows management to rapidly solve potential issues.

Satisfy Clients
Your vendors prefer a more efficient payment method. Easier payments result in savings and cost savings for you. If you pay your clients via virtual card, which is a single issued credit card for a one-time use, you receive monthly cash back incentives. It’s equally beneficial for Accounts Payable and Accounts Receivable. Your customers benefit from more efficient, streamlined website payments and your A/P Department pivots to a revenue generator.

Improve Quality
Avoid error, delay, and unnecessary costs with an automated A/P process. A/P problems are costly and consume many resources to manually resolve. With payment automation, you will see where, when and why faults transpired. Unlike the manual procedure, with automation you’ll be in a position to systematically address and eliminate problems to improve quality.
A/P payment automation can help you save cash, earn you additional earnings, lessen the risks of fraud, get your here operations better transparency, satisfy your customers’ demands, and enrich the overall quality of your A/P processes.

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