Benefits of Accounts Payable Solutions

Top Reasons Why You Should Automate Accounts Payable

While technology has made Accounts Payable payment automation a standard for numerous corporations, 60 % of corporations in the US do not know of the many benefits of A/P automation. Leveraging software applications to apply the method in manner that is seamless and effortless, here are our major five reasons why you should automate.

Cash Optimization
Accounts Payable automation lets A/P to accurately project its outstanding cash specifications, accordingly eliminating speculation. With better transparency from A/P automation, visibility into the system allows your A/P department to give attention to activities and things which will impact your department with value added activities.

Improve central controls
A manual A/P process is prone to fraud. You add to the threats of human error, overdue payments, missing invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that avoid and deter fraudulent activity.

Improve Awareness
The outdated manual practice is affected with lack of awareness, through which can result in neglecting to realize a segment of liabilities. This can understate expenses thereby overstate income, which could result in accounting and reporting abnormalities and ultimately fraud. A/P automation produces an entire audit trail of each and every part of the method, and makes it possible for management to get more info swiftly resolve potential difficulties.

Satisfy Customers
Your suppliers would like a more efficient payment process. Easier payments result in special offers and cost savings for you. When you pay your get more info customers by way of virtual credit card, which is a single issued credit card for a one-time use, you generate monthly cash back incentives. It’s jointly beneficial for Accounts Payable and Accounts Receivable. Your customers benefit from more efficient, streamlined payments and your A/P Department pivots to a profit generator.

Improve Quality
Avoid error, delay, and pointless costs with an automated A/P process. A/P problems may be very costly and take many resources to manually fix. With payment automation, you see where, when and why issues occurred. Unlike the manual process, with automation you’ll be able to systematically address and eliminate mistakes to enhance quality.
A/P payment automation can help you save cash, earn you extra earnings, decrease the risks of fraud, bring your operations greater transparency, meet the customers’ needs, and enhance the total quality of your A/P processes.

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