Benefits of AP Solutions

Top Reasons to Automate Accounts Payable

Although modern technology has made Accounts Payable payment automation indispensable for a number of businesses, 60 % of companies in the US do not know of the numerous advantages of A/P automation. Leveraging software applications to apply the process in manner that is seamless and trouble-free, listed here are our best five reasons why you should automate.

Cash Optimization
Accounts Payable automation allows A/P to accurately project its outstanding cash specifications, consequently removing estimation. With greater transparency from A/P automation, visibility into the process allows your A/P department to give attention to tasks and things that can effect your department with value added actions.

Improve central controls
A manual A/P method is subject to fraudulent activity. You increase the issues of human error, late payments, missing invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that stop and deter fraudulent activity.

Boost Awareness
The outdated manual practice is affected with lack of awareness, through which can result in neglecting to recognize a part of risks. This can understate operating expenses as well as overstate revenue, which can contribute to accounting and reporting irregularities and ultimately fraudulent activity. A/P automation offers a whole audit trail of each step in the method, and permits management to quickly resolve potential issues.

Please Clients
Your vendors want a more beneficial payment method. More efficient payments result in savings and cost savings for you. When you pay your customers via virtual credit card, which is an individual issued credit website card for a one-time use, you will earn 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 revenue generator.

Improve Quality
Prevent error, delay, and needless costs with an automated A/P process. A/P errors can be very expensive and use up many resources to manually clear up. With payment automation, you see where, when and why errors occurred. Contrary to the manual procedure, with automation you’ll be in a position to systematically address and eliminate issues to boost quality.
A/P payment automation will save you cash, earn you extra revenue, lessen the risks of fraud, provide your operations increased transparency, meet your customers’ needs, and enhance the overall quality of your A/P processes.

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