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Top Reasons Why You Should Automate Accounts Payable

Despite the fact that technology has made Accounts Payable payment automation indispensable for many companies, 60 percent of companies in the USA are not aware of the countless benefits associated with A/P automation. Leveraging software programs to utilize the method in manner that is seamless and easy, here are our top five reasons to automate.

Cash Optimization
Accounts Payable automation enables A/P to accurately project its outstanding cash requirements, consequently removing guesswork. With increased transparency from A/P automation, visibility into the process allows your A/P department to focus on activities and things that will impact your department with value added activities.

Strengthen internal controls
A manual A/P process is prone to fraudulent activity. You multiply the pitfalls of human error, late payments, missing invoices, and the dreaded rush invoices. An automated A/P process embeds controls that avoid and deter fraud.

Increase Visibility
The outdated manual process suffers from insufficient awareness, in which can result in failing to recognize a portion of risks. This may understate operating expenses as well as overstate revenue, which could contribute to accounting and reporting abnormalities and ultimately fraudulent activity. A/P automation offers a total audit trail of each part of the process, and permits management to rapidly handle accounts payable solutions potential problems.

Please Customers
Your vendors prefer a more beneficial payment method. More efficient payments result in discounts and cost savings for you. When you pay your customers via virtual card, which is a single issued credit card for a one-time use, you earn monthly cash rebates. It’s jointly good for Accounts Payable and Accounts Receivable. Your clients experience more efficient, seamless payments and your A/P Department pivots to a income generator.

Improve Quality
Prevent error, delay, and unnecessary costs with an automated A/P process. A/P mistakes are costly and consume check here many resources to manually resolve. With payment automation, you can see where, when and why faults occurred. Unlike 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 extra revenue, reduce the risks of fraudulent activity, get your operations more transparency, fulfill your customers’ needs, and enhance the total quality of your A/P processes.

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