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Top Reasons Why You Should Automate Accounts Payable

Even though technology makes Accounts Payable payment automation a standard for a lot of organizations, 60 % of businesses in the US are not aware of the numerous advantages of A/P automation. Leveraging software to apply the process in manner that is seamless and effortless, here are our main 5 reasons to automate.

Cash Optimization
Accounts Payable automation enables A/P to correctly project its outstanding cash specifications, therefore getting rid of guess work. With greater transparency from A/P automation, visibility into the system allows your A/P department to focus on tasks and things which will impact your department with value add actions.

Enhance central controls
A manual A/P process is at risk of fraudulent activity. You increase the risks of human oversight, overdue payments, missing invoices, and the dreaded rush invoices. An automated A/P process embeds controls that prevent and discourage fraudulent activity.

Capitalize on Awareness
The outdated manual practice is affected with lack of awareness, through which can result in neglecting to recognize a part of liabilities. This may understate operating expenses and therefore overstate revenue, which can result in accounting and reporting abnormalities and ultimately fraud. A/P automation delivers a whole audit trail of every part of the website process, and enables management to quickly fix possible difficulties.

Satisfy Customers
Your vendors prefer a more beneficial payment method. More efficient payments result in more info discount rates and cost savings for you. When you pay your clients via virtual credit card, which is an individual issued card for a one-time use, you receive monthly cash rebates. It’s collectively good for Accounts Payable and Accounts Receivable. Your clients benefit from more efficient, streamlined payments and your A/P Department pivots to a profit generator.

Improve Quality
Avoid error, delay, and pointless costs with an automated A/P process. A/P errors can be very expensive and take read more many resources to manually handle. With payment automation, you see where, when and why errors happened. Contrary to the manual procedure, with automation you’ll be able to systematically address and get rid of problems to boost quality.
A/P payment automation can save you cash, earn you extra earnings, decrease the risks of fraudulent activity, get your operations better transparency, satisfy the customers’ needs, and improve the overall quality of your A/P processes.

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