Benefits of AP Solutions

Top Reasons to Automate Accounts Payable

Even though technology makes Accounts Payable payment automation a standard for a lot of corporations, 60 percent of companies in the US are not aware of the many benefits associated with A/P automation. Leveraging software to implement the process in manner that is seamless and convenient, listed here are our top five reasons to automate.

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

Strengthen internal controls
A manual A/P process is at risk of fraudulent activity. You multiply the pitfalls of human error, late payments, lost invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that prevent and discourage fraudulent activity.

Increase Exposure
The outdated manual practice suffers from insufficient visibility, by which can result in failing to identify a portion of risks. This could understate expenditures thereby overstate earnings, which could trigger accounting and reporting abnormalities and ultimately fraudulent activity. A/P automation delivers a total audit trail of each and every step in the process, and permits management to more info rapidly resolve possible issues.

Satisfy Clients
Your suppliers would like a more beneficial payment method. Easier payments result in special discounts and cost savings more info for you. If you pay your clients via virtual card, which is an individual issued card for a one-time use, you receive monthly cash back incentives. It’s jointly beneficial for Accounts Payable and Accounts Receivable. Your clients benefit from more efficient, streamlined payments and your A/P Department pivots to a income generator.

Enhance Quality
Avoid error, delay, and unneeded costs with an automated A/P process. A/P problems can be very expensive and take many resources to manually remedy. With payment automation, you can see where, when and why faults occurred. Unlike the manual method, with automation you’ll be in a position to systematically address and eliminate mistakes to boost quality.
A/P more info payment automation will save you cash, earn you additional income, reduce the risks of fraud, bring your operations increased transparency, fulfill the customers’ demands, and enhance the total quality of your A/P processes.

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