Benefits of Accounts Payable Solutions

Top Reasons Why You Should Automate Accounts Payable

Although technology has made Accounts Payable payment automation indispensable for a number of companies, 60 percent of companies in the US do not know of the countless benefits associated with A/P automation. Leveraging software programs to utilize the process in manner that is seamless and convenient, the following are our top five reasons why you should automate.

Cash Optimization
Accounts Payable automation lets A/P to accurately project its pending cash specifications, therefore getting rid of speculation. With better transparency from A/P automation, visibility into the system allows your A/P department to deal with activities and priorities that can impact your department with value added actions.

Improve central controls
A manual A/P process is at risk of fraud. You increase the pitfalls of human error, overdue payments, missing invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that avoid and deter fraudulent activity.

Increase Awareness
The obsolete manual method is affected with lack of awareness, in which can result in neglecting to acknowledge a segment of risks. This can understate expenditures as well as overstate income, which could lead to accounting and reporting abnormalities and ultimately fraud. A/P automation provides an entire audit accounts payable automation trail of every step in the process, and makes it possible for management to rapidly correct potential difficulties.

Please Clients
Your vendors would like a more beneficial payment process. More efficient payments result in special offers and savings for you. Whenever you pay your clients with virtual card, which is a single issued card for a one-time use, you receive monthly cash back incentives. It’s collectively beneficial for Accounts Payable and Accounts Receivable. Your clients experience more efficient, seamless payments and your A/P Department pivots to a revenue generator.

Improve Quality
Avoid error, delay, and pointless costs with an automated A/P process. A/P errors are expensive and consume many resources to manually correct. With payment automation, you see where, when and why issues transpired. Contrary to the manual method, with automation you’ll have the ability to systematically address and reduce issues to increase quality.
A/P payment automation can help you save cash, earn you extra revenue, lessen the risks of fraud, provide your operations more transparency, meet the customers’ demands, and enrich the total quality of your A/P processes.

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