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Top Reasons Why You Should Automate Accounts Payable

Although modern technology makes Accounts Payable payment automation a standard for many companies, 60 % of corporations in the United States are unaware of the many benefits associated with 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 enables A/P to accurately project its pending cash requirements, therefore eliminating speculation. With increased transparency from A/P automation, awareness into the process allows your A/P department to concentrate on activities and things which will impact your department with value add actions.

Enhance internal controls
A manual A/P process is susceptible to fraud. You multiply the issues of human error, late payments, lost invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that put a stop to and discourage fraud.

Capitalize on Exposure
The outdated manual process is affected with insufficient visibility, through which can result in failing to recognize a portion of risks. This could understate expenditures and therefore overstate income, which can lead to accounting and reporting here malfunctions and ultimately fraud. A/P automation provides a complete audit trail of each part of the process, and lets management to swiftly deal with potential problems.

Please Clients
Your suppliers prefer a more beneficial payment process. More get more info efficient payments result in special discounts and cost savings for you. When you pay your clients with 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 more efficient, seamless 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 mistakes are costly and consume many resources to manually correct. With payment automation, you can see where, when and why problems transpired. In contrast to the manual procedure, with automation you’ll be able to systematically address and get rid of problems to boost quality.
A/P payment automation will save you cash, earn you extra profit, decrease the risks of fraudulent activity, get your operations greater transparency, satisfy the customers’ demands, and enrich the overall quality of your A/P processes.

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