Improve Payments With Accounts Payable Solutions

Top Reasons Why You Should Automate Accounts Payable

Despite the fact that technology makes Accounts Payable payment automation a standard for many businesses, 60 % of businesses in the USA do not know of the countless advantages to A/P automation. Leveraging software applications to apply the process in manner that is seamless and easy, the following are our major 5 reasons to automate.

Cash Optimization
Accounts Payable automation allows A/P to correctly project its outstanding cash requirements, therefore eliminating speculation. 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 add actions.

Improve internal controls
A manual A/P method is prone to fraud. You increase the challenges of human oversight, late payments, missing invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that prevent and discourage fraudulent activity.

Improve Awareness
The outdated manual practice suffers from lack of visibility, by which can result in failing to realize a part of risks. This can understate expenses as well as overstate income, that may lead to accounting and reporting abnormalities and ultimately fraud. A/P automation provides an entire audit trail of each part of the method, and lets management to quickly correct potential problems.

Satisfy Customers
Your suppliers want a more beneficial payment process. More efficient payments result in discounts and savings for you. If you pay your customers via virtual card, which is an individual issued credit card for a one-time use, you will earn monthly accounts payable solutions cash back incentives. It’s jointly beneficial for Accounts Payable and Accounts Receivable. Your clients experience more efficient, streamlined payments and your A/P Department pivots to a revenue generator.

Improve 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 solve. With payment automation, you can see where, when and why faults occurred. Unlike the manual process, with automation you’ll have the ability to methodically address and reduce errors to improve quality.
A/P payment automation can save you cash, earn you extra earnings, decrease the risks of fraud, get your operations increased transparency, fulfill your customers’ demands, and enhance the total quality of your A/P processes.

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