Benefits of Accounts Payable Automation

Top Reasons to Automate Accounts Payable

Despite the fact that modern technology makes Accounts Payable payment automation a standard for many companies, 60 percent of organizations in the USA are unaware of the numerous advantages of A/P automation. Leveraging software applications to implement the process in manner that is seamless and trouble-free, here are our top five reasons why you should automate.

Cash Optimization
Accounts Payable automation allows A/P to correctly project its outstanding cash requirements, consequently removing estimation. With greater transparency from A/P automation, awareness into the system allows your A/P department to concentrate on activities and things which will effect your department with value add activities.

Enhance internal controls
A manual A/P method is subject to fraud. You add to the challenges of human error, overdue payments, missing invoices, and the dreaded rush invoices. An automated A/P process embeds controls that reduce and deter fraud.

Enhance Awareness
The outdated manual method suffers from lack of visibility, through which can result in failing to recognize a segment of liabilities. This can understate expenses as well as overstate earnings, which could lead to accounting and reporting malfunctions and ultimately fraud. A/P automation delivers an entire audit trail of each step in the method, and permits management to rapidly solve possible complications.

Satisfy Clients
Your vendors want a more beneficial payment method. Easier read more payments result in special discounts and cost savings for you. If you pay your clients by way of virtual card, which is a single issued card for a one-time use, you receive monthly cash back incentives. It’s equally beneficial for Accounts Payable and Accounts Receivable. Your clients benefit from more efficient, streamlined payments and your A/P Department pivots to a profit generator.

Enhance Quality
Prevent error, delay, and avoidable costs with an automated A/P process. A/P mistakes may be very costly and take many resources to manually correct. With payment automation, you can see where, when and why faults occurred. In contrast to the manual procedure, with automation you’ll be in a position to systematically address and get rid of errors to enhance quality.
A/P payment automation can save you cash, earn you extra cash, reduce the risks of fraud, provide your operations increased transparency, satisfy the customers’ demands, and advance the overall quality of your A/P processes.

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