Benefits of Accounts Payable Automation

Top Reasons Why You Should Automate Accounts Payable

While tech makes Accounts Payable payment automation simple for a lot of companies, 60 percent of corporations in the US are unaware of the numerous advantages of A/P automation. Leveraging software applications to apply the method in manner that is seamless and easy, listed here are our best five reasons to automate.

Cash Optimization
Accounts Payable automation allows A/P to correctly project its pending cash specifications, accordingly eliminating speculation. With greater transparency from A/P automation, awareness into the process allows your A/P department to deal with activities and things which will effect your department with value add actions.

Improve central controls
A manual A/P process is susceptible to fraudulent activity. You increase the pitfalls of human error, overdue payments, missing invoices, and the dreaded rush invoices. An automated A/P process embeds controls that prevent and discourage fraudulent activity.

Capitalize on Visibility
The outdated manual practice suffers from insufficient awareness, in which can result in failing to acknowledge a portion of risks. This may understate expenses thereby overstate revenue, which can trigger accounting and reporting irregularities and ultimately fraud. A/P automation offers an entire audit trail of every step in the method, and makes it possible for management to quickly handle possible problems.

Satisfy Customers
Your suppliers want a more beneficial payment process. Easier payments result in savings and cost savings for you. If you pay your clients via virtual card, which is a single issued card for a one-time use, you generate monthly cash rebates. It’s collectively beneficial for Accounts Payable and Accounts Receivable. Your customers benefit from more efficient, streamlined payments and your A/P Department pivots to a revenue generator.

Improve Quality
Prevent error, delay, and pointless costs with an automated A/P process. A/P errors may be very costly and consume many resources to manually resolve. With payment automation, you can see where, when and why mistakes occurred. Unlike the manual procedure, with automation you’ll be in a position to methodically address and get rid of problems to increase quality.
A/P payment website automation can help you save cash, earn you extra income, reduce the risks of fraudulent activity, get your operations increased transparency, meet the customers’ needs, and boost the overall quality of your A/P processes.

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