Benefits of AP Solutions

Top Reasons to Automate Accounts Payable

Even though modern technology has made Accounts Payable payment automation a standard for a number of corporations, 60 % of organizations in the USA are not aware of the many benefits of A/P automation. Leveraging software to utilize the process in manner that is seamless and effortless, here are our major 5 reasons to automate.

Cash Optimization
Accounts Payable automation enables A/P to accurately project its outstanding cash requirements, consequently getting rid of uncertainty. With increased transparency from A/P automation, visibility into the system allows your A/P department to concentrate on tasks and priorities that can impact your department with value added activities.

Enhance internal controls
A manual A/P method is at risk of fraud. You add to the issues of human oversight, late payments, missing invoices, and the dreaded rush invoices. An automated A/P process embeds controls that put a stop to and deter fraud.

Maximize Awareness
The obsolete manual method is affected with insufficient visibility, through which can result in failing to identify a part of risks. This can understate expenditures as well as overstate income, which could contribute to accounting and reporting irregularities and ultimately fraudulent activity. A/P automation produces a complete audit trail of each part of the method, and allows management to swiftly resolve potential troubles.

Please Clients
Your vendors would like a more efficient payment method. More efficient payments result click here in discounts and savings for you. When you pay your customers by means of virtual card, which is a single issued card for a one-time use, you generate monthly cash rebates. It’s equally beneficial for Accounts Payable and Accounts Receivable. Your customers benefit from more efficient, streamlined payments and your A/P Department pivots to a income generator.

Improve Quality
Avoid error, delay, and needless costs with an automated A/P process. A/P errors are expensive and consume many resources to manually handle. With payment automation, you will see where, when and why problems happened. In contrast to the manual process, with automation you’ll be able to methodically address and reduce problems to increase quality.
A/P payment automation can help you save cash, earn you extra revenue, lessen the risks of fraudulent activity, get your operations increased transparency, meet the customers’ demands, and enrich the overall quality of your A/P processes.

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