Benefits of AP Solutions

Top Reasons Why You Should Automate Accounts Payable

Even though modern technology has made Accounts Payable payment automation simple for many organizations, 60 percent of businesses in the US are unaware of the countless benefits of A/P automation. Leveraging software to apply the process in manner that is seamless and trouble-free, the following are our best five reasons to automate.

Cash Optimization
Accounts Payable automation lets A/P to correctly project its outstanding cash specifications, consequently removing speculation. 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 impact your department with value add activities.

Reinforce central controls
A manual A/P method is subject to fraud. You raise the risks of human error, late payments, lost invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that stop and deter fraudulent activity.

Boost Awareness
The outdated manual process is affected with insufficient awareness, through which can result in failing to identify a portion of liabilities. This may understate operating expenses thereby overstate earnings, which can result in accounting and reporting irregularities and ultimately fraudulent activity. A/P automation offers a total audit trail of every part of the process, and allows management to promptly correct potential difficulties.

Please Customers
Your vendors want a more beneficial payment method. more info Easier payments result in savings and savings for you. Whenever you pay your clients by means of virtual credit card, which is an individual issued card for a one-time use, you receive monthly cash back incentives. It’s mutually beneficial for Accounts Payable and Accounts Receivable. Your clients experience more efficient, seamless payments and your A/P Department pivots to a revenue generator.

Improve Quality
Avoid error, delay, and avoidable costs with an automated A/P process. A/P errors can be very expensive and use up many resources to manually fix. With payment automation, you see where, when and why errors happened. In contrast to the manual method, with automation you’ll be in a position to methodically address and get rid of problems to increase quality.
A/P payment automation will save you cash, earn you additional cash, lessen the risks of fraudulent activity, provide your operations better transparency, fulfill your customers’ demands, and advance the total quality of your A/P processes.

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