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Top Reasons Why You Should Automate Accounts Payable

Even though tech has made Accounts Payable payment automation indispensable for numerous corporations, 60 % of businesses in the USA are unaware of the countless advantages to A/P automation. Leveraging software applications to utilize the process in manner that is seamless and convenient, here are our main five reasons to automate.

Cash Optimization
Accounts Payable automation lets A/P to correctly project its outstanding cash specifications, therefore eliminating guesswork. With more transparency from A/P automation, awareness into the system allows your A/P department to give attention to activities and things which will impact your department with value add actions.

Reinforce internal controls
A manual A/P process is at risk of fraudulent activity. You raise the pitfalls of human oversight, late payments, missing invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that avoid and discourage fraud.

Capitalize on Awareness
The outdated manual process suffers from insufficient visibility, through which can result in neglecting to identify a portion of risks. This can understate expenses thereby overstate earnings, which could result in accounting and reporting abnormalities and ultimately fraud. A/P automation produces an entire audit trail of each and every step in the process, and enables management to promptly handle potential issues.

Satisfy Clients
Your vendors want a more effective payment method. Easier payments result in more info savings and savings for you. If you pay your customers via virtual card, which is an individual 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, seamless payments and your A/P Department pivots to a profit generator.

Enhance Quality
Prevent error, delay, and unnecessary costs with an automated A/P process. A/P errors can be very expensive and take many resources to manually solve. With payment automation, you can see where, when and why faults transpired. In contrast to the manual method, with automation you’ll have the ability to systematically address and eliminate issues to boost quality.
A/P payment automation will save you cash, earn you additional earnings, reduce the risks of fraud, check here bring your operations greater transparency, satisfy the customers’ needs, check here and improve the total quality of your A/P processes.

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