Benefits of Accounts Payable Solutions

Top Reasons Why You Should Automate Accounts Payable

While technology makes Accounts Payable payment automation indispensable for many corporations, 60 percent of businesses in the US are unaware of the countless benefits of A/P automation. Leveraging software programs to apply the process in manner that is seamless and effortless, the following are our top five reasons why you should automate.

Cash Optimization
Accounts Payable automation allows A/P to correctly project its outstanding cash requirements, accordingly getting rid of estimation. With more transparency from A/P automation, visibility into the process allows your A/P department to give attention to tasks and priorities that will effect your department with value added actions.

Reinforce central controls
A manual A/P method is at risk of fraudulent activity. You increase the issues of human error, late payments, missing invoices, and the dreaded rush invoices. An automated A/P process embeds controls that reduce and deter fraud.

Improve Exposure
The obsolete manual practice is affected with lack of awareness, in which can result in failing to acknowledge a part of liabilities. This can understate expenses as well as overstate earnings, which can cause accounting and reporting irregularities and ultimately fraudulent activity. A/P automation produces a whole audit trail of every part of the process, and enables management to promptly deal with potential complications.

Satisfy Clients
Your suppliers would like a more beneficial payment method. Easier payments result in discounts and savings for you. If you pay your customers by way of virtual card, which is an individual issued card for a one-time use, you will earn monthly cash rebates. It’s equally good for Accounts Payable and Accounts Receivable. Your clients benefit from ap solutions more efficient, streamlined payments and your A/P Department pivots to a income generator.

Enhance Quality
Prevent error, delay, and unnecessary costs with an automated A/P process. A/P mistakes may be very costly and consume many resources to manually remedy. With payment automation, you can see where, when and why mistakes took place. Contrary to the manual procedure, with automation you’ll be in a position to methodically address and get rid of problems to increase quality.
A/P payment automation can help you save cash, earn you extra profit, decrease the risks of fraud, bring your operations increased transparency, meet your customers’ needs, and advance the total quality of your A/P processes.

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