Benefits of Accounts Payable Solutions

Top Reasons to Automate Accounts Payable

Even though tech makes Accounts Payable payment automation simple for numerous organizations, 60 percent of organizations in the US are unaware of the numerous advantages to A/P automation. Leveraging software applications to apply the process in manner that is seamless and easy, the following are our major five reasons to automate.

Cash Optimization
Accounts Payable automation allows A/P to accurately project its outstanding cash specifications, accordingly eliminating speculation. With better transparency from A/P automation, visibility into the system allows your A/P department to give attention to activities and things which will impact your department with value added actions.

Improve central controls
A manual A/P method is prone to fraud. You add to the threats of human oversight, overdue payments, missing invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that reduce and deter fraudulent activity.

Enhance Visibility
The obsolete manual process is affected with lack of awareness, through which can result in failing to identify a portion of liabilities. This can understate expenditures as well as overstate income, that may cause read more accounting and reporting irregularities and ultimately fraud. A/P automation produces a total audit trail of every part of the method, and makes it possible for management to rapidly resolve potential problems.

Satisfy Clients
Your suppliers would like a more effective payment process. Easier payments result in discounts and more info cost savings for you. If you pay your customers with virtual credit card, which is an individual issued credit card for a one-time use, you receive monthly cash back incentives. 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
Avoid error, delay, and needless costs with an automated A/P process. A/P errors are expensive and consume many resources to manually resolve. With payment automation, you will see where, when and why errors transpired. Unlike the manual method, with automation you’ll be able to systematically address and eliminate errors to improve quality.
A/P payment automation can save you cash, earn you extra revenue, reduce the risks of fraudulent activity, provide your operations better transparency, satisfy the customers’ needs, and boost the overall quality of your A/P processes.

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