Benefits of Accounts Payable Solutions

Top Reasons Why You Should Automate Accounts Payable

Although technology makes Accounts Payable payment automation indispensable for numerous corporations, 60 % of corporations in the USA are unaware of the countless advantages to A/P automation. Leveraging software to utilize the method in manner that is seamless and trouble-free, the following are our major 5 reasons to automate.

Cash Optimization
Accounts Payable automation allows A/P to correctly project its pending cash requirements, consequently getting rid of guesswork. With greater transparency from A/P automation, awareness into the process allows your A/P department to concentrate on tasks and things that will effect your department with value added activities.

Reinforce internal controls
A manual A/P method is prone to fraud. You increase the challenges of human error, overdue payments, missing invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that prevent and discourage fraud.

Enhance Visibility
The obsolete manual method is affected with lack of awareness, wherein can result in failing to identify a part of liabilities. This may understate operating expenses and therefore overstate revenue, which could lead to accounting and reporting abnormalities and ultimately fraudulent activity. A/P automation provides an entire audit trail of each step in the method, and allows management to swiftly deal with potential complications.

Satisfy Clients
Your vendors prefer a more effective payment process. More efficient payments result in discount rates and cost savings for you. Whenever you pay your clients via virtual card, which is a single issued card for a one-time use, you generate monthly cash rebates. It’s mutually beneficial for Accounts Payable and Accounts Receivable. Your customers experience more efficient, seamless payments and your A/P Department pivots to a cash generator.

Enhance Quality
Avoid here error, delay, and unneeded costs with an automated A/P process. A/P mistakes can be very expensive and take many resources to manually correct. With payment automation, you will see where, when and why faults transpired. Contrary to the manual process, with automation you’ll have the ability to systematically address and get rid of mistakes to get more info improve quality.
A/P payment automation can save you cash, earn you additional revenue, reduce the risks of fraud, provide your operations more transparency, fulfill your customers’ needs, and enhance the overall quality of your A/P processes.

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