Benefits of AP Automation

Top Reasons Why You Should Automate Accounts Payable

Even though technology has made Accounts Payable payment automation indispensable for numerous corporations, 60 % of corporations in the US do not know of the many benefits of A/P automation. Leveraging software applications to apply the method in manner that is seamless and convenient, listed here are our main 5 reasons why you should automate.

Cash Optimization
Accounts Payable automation lets A/P to correctly project its pending cash specifications, accordingly eliminating uncertainty. With increased transparency from A/P automation, awareness into the system allows your A/P department to focus on tasks and things which will effect your department with value added activities.

Reinforce central controls
A manual A/P process is vulnerable to fraudulent activity. You increase the threats of human oversight, late payments, lost invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that reduce and discourage fraudulent activity.

Improve Exposure
The obsolete manual process is affected with insufficient awareness, by which can result in neglecting to realize a part of risks. This may understate operating expenses as well as overstate earnings, which could lead to accounting and reporting irregularities and ultimately fraudulent activity. A/P automation produces an entire audit trail of each and every step in the method, and enables management to quickly fix possible issues.

Please Customers
Your vendors prefer a more beneficial payment method. Easier payments result in special discounts and cost savings for you. Whenever you pay your customers via virtual credit card, which is an individual issued card for a one-time use, you will earn monthly cash rebates. It’s jointly beneficial for Accounts Payable and Accounts Receivable. Your customers experience more efficient, seamless payments and your A/P Department pivots to a revenue generator.

Improve Quality
Avoid error, delay, and unnecessary costs with an automated more info A/P process. A/P mistakes are costly and consume many resources to manually correct. With payment automation, you can see where, when and why faults occurred. Unlike the manual process, with automation you’ll have the ability to methodically address and get rid of problems to increase quality.
A/P payment automation will save you cash, earn you additional profit, decrease the risks of fraud, bring your operations greater transparency, satisfy the customers’ demands, and enrich the overall quality more info of your A/P processes.

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