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Top Reasons to Automate Accounts Payable

Although tech has made Accounts Payable payment automation simple for many businesses, 60 % of businesses in the USA are unaware of the many advantages of A/P automation. Leveraging software programs to utilize the method in manner that is seamless and trouble-free, listed here are our main 5 reasons to automate.

Cash Optimization
Accounts Payable automation enables A/P to accurately project its pending cash specifications, therefore removing guess work. With more transparency from A/P automation, awareness into the process allows your A/P department to give attention to activities and things which will impact your department with value added actions.

Enhance internal controls
A manual A/P method is prone to fraudulent activity. You increase the threats of human oversight, overdue payments, lost invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that reduce and deter fraud.

Enhance Visibility
The outdated manual method is affected with lack of visibility, website by which can result in failing to identify a segment of risks. This may understate expenses thereby overstate earnings, that may lead to accounting and reporting malfunctions and ultimately fraudulent activity. A/P automation produces an entire audit trail of every part of the method, and allows management to rapidly deal with possible complications.

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

Improve Quality
Prevent error, delay, and pointless costs with an automated A/P process. A/P problems may be very costly and use up many resources to manually solve. With payment automation, you will see where, when and why errors happened. In contrast to the more info manual process, with automation you’ll have the ability to systematically address and eliminate get more info problems to boost quality.
A/P payment automation can save you cash, earn you additional cash, reduce the risks of fraud, bring your operations increased transparency, meet the customers’ needs, and improve the total quality of your A/P processes.

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