Benefits of Accounts Payable Solutions

Top Reasons Why You Should Automate Accounts Payable

Despite the fact that modern technology makes Accounts Payable payment automation simple for a number of businesses, 60 % of corporations in the USA are unaware of the countless benefits associated with A/P automation. Leveraging software programs to implement the process in manner that is seamless and easy, here are our major 5 reasons to automate.

Cash Optimization
Accounts Payable automation lets A/P to correctly project its outstanding cash specifications, consequently eliminating guess work. With greater transparency from A/P automation, visibility into the process allows your A/P department to concentrate on tasks and things that can effect your department with value added actions.

Enhance internal controls
A manual A/P process is subject to fraud. You add to the threats of human oversight, late payments, missing invoices, and the dreaded rush invoices. An automated A/P process embeds controls that prevent and deter fraud.

Optimize Awareness
The outdated manual method suffers from lack of visibility, wherein can result in neglecting to realize a segment of liabilities. This could understate expenditures thereby overstate earnings, which could trigger accounting and reporting abnormalities and ultimately fraud. A/P automation provides a total audit trail of each step in the method, and makes it possible for management to quickly fix accounts payable solutions potential issues.

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

Enhance Quality
Avoid error, delay, and avoidable costs with an automated A/P process. A/P errors can be very expensive and take many resources to manually correct. With payment automation, you see where, when and why mistakes took place. Contrary to the manual procedure, with automation you’ll be able to methodically address and reduce errors to improve quality.
A/P payment automation can save you cash, earn you additional revenue, lessen the risks of fraudulent activity, bring your operations greater transparency, satisfy the customers’ demands, and boost the overall quality of your A/P processes.

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