Benefits of Accounts Payable Automation

Top Reasons to Automate Accounts Payable

Even though modern technology makes Accounts Payable payment automation a standard for many companies, 60 % of organizations in the United States are not aware of the countless advantages to A/P automation. Leveraging software to implement the method in manner that is seamless and effortless, listed here are our main five reasons why you should automate.

Cash Optimization
Accounts Payable automation lets A/P to accurately project its pending cash requirements, consequently getting rid of guesswork. With increased transparency from A/P automation, awareness into the process allows your A/P department to deal with activities and priorities that will effect your department with value add activities.

Strengthen central controls
A manual A/P process is subject to fraudulent activity. You multiply the issues of human error, late payments, lost invoices, and the dreaded rush invoices. An automated A/P process embeds controls that prevent and discourage fraud.

Maximize Exposure
The outdated manual method is affected with lack of visibility, by which can result in neglecting to realize here a part of liabilities. This could understate operating expenses and therefore overstate earnings, that may lead to accounting and reporting abnormalities and ultimately fraudulent activity. A/P automation delivers a total audit trail of each step in the process, and makes it possible for management to quickly deal with possible problems.

Please Clients
Your suppliers want a get more info more effective payment method. More efficient payments result in discount rates and savings for you. If you pay your clients by way of virtual card, which is an individual issued card for a one-time use, you generate monthly cash rebates. It’s jointly beneficial for Accounts Payable and Accounts Receivable. Your clients benefit from more efficient, seamless payments and your A/P Department pivots to a cash generator.

Improve Quality
Prevent error, delay, and unneeded costs with an automated A/P process. A/P errors are costly and use up many resources to manually remedy. With payment automation, more info you will see where, when and why errors took place. Unlike the manual method, with automation you’ll be able to systematically address and reduce errors to enhance quality.
A/P payment automation will save you cash, earn you additional earnings, lessen the risks of fraudulent activity, bring your operations more transparency, satisfy the customers’ needs, and improve the overall quality of your A/P processes.

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