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Top Reasons to Automate Accounts Payable

Although technology has made Accounts Payable payment automation simple for a lot of companies, 60 % of businesses in the US are not aware of the numerous advantages to A/P automation. Leveraging software programs to utilize the method in manner that is seamless and easy, listed here are our main 5 reasons to automate.

Cash Optimization
Accounts Payable automation enables A/P to accurately project its outstanding cash specifications, therefore eliminating guesswork. With better transparency from A/P automation, visibility into the process allows your A/P department to focus on tasks and things which will impact your department with value add actions.

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

Improve Awareness
The obsolete manual practice is affected with lack of visibility, through which can result in failing to recognize a portion of liabilities. This can understate operating expenses as well as overstate income, that may trigger accounting and reporting malfunctions and ultimately fraudulent activity. A/P automation provides an entire audit trail of each part of the method, and get more info permits management to quickly solve potential difficulties.

Please Clients
Your vendors would like a more effective payment method. More efficient payments result in discount rates and cost savings for you. If you pay your clients via virtual credit card, which is a single issued card for a one-time use, you will earn monthly cash rebates. It’s mutually beneficial for Accounts Payable and Accounts Receivable. Your customers benefit from more efficient, streamlined payments and your A/P Department pivots to a cash generator.

Enhance Quality
Avoid error, click here delay, and pointless costs with an automated A/P process. A/P errors can be very expensive and use up many resources to manually resolve. With payment automation, you can see where, when and why mistakes happened. In contrast to the manual process, with automation you’ll have the ability to systematically address and eliminate errors to improve quality.
A/P payment automation can save you cash, earn you additional profit, reduce the risks of fraudulent click here activity, bring your operations more transparency, meet your customers’ needs, and enhance the total quality of your A/P processes.

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