Benefits of AP Solutions

Top Reasons to Automate Accounts Payable

While modern technology makes Accounts Payable payment automation simple for many businesses, 60 percent of companies in the US are unaware of the many benefits of A/P automation. Leveraging software applications to implement the process in manner that is seamless and convenient, listed here are our main five reasons to automate.

Cash Optimization
Accounts Payable automation lets A/P to accurately project its outstanding cash requirements, therefore eliminating estimation. With greater transparency from A/P automation, awareness into the process allows your A/P department to focus on tasks and priorities that can impact your department with value added activities.

Enhance internal controls
A manual A/P method is prone to fraud. You raise the challenges of human oversight, late payments, lost invoices, and the dreaded rush invoices. An automated A/P process embeds controls that prevent and deter fraudulent activity.

Increase Visibility
The obsolete manual process is affected with lack of visibility, by which can result in neglecting to acknowledge a portion of risks. This may understate expenditures as well as overstate income, which could result in accounting and reporting malfunctions and ultimately fraudulent activity. A/P automation delivers a whole audit trail of each and every step in the process, and makes it possible for management to rapidly deal with potential difficulties.

Please Clients
Your vendors prefer a more effective payment method. Easier payments result in discount rates and cost savings for you. If 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 collectively beneficial for Accounts Payable and Accounts Receivable. Your customers benefit from more efficient, streamlined payments and your A/P Department pivots to a income generator.

Improve Quality
Avoid error, delay, and needless costs with an automated A/P process. A/P errors are costly and consume many resources to manually fix. With payment automation, you will see where, when and why click here mistakes check here happened. Unlike the manual process, with automation you’ll be able to methodically address and reduce problems to enhance quality.
A/P payment automation will save you cash, earn you additional profit, decrease the risks of fraud, bring your operations better transparency, satisfy the customers’ demands, and enrich the overall quality of your A/P processes.

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