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Top Reasons to Automate Accounts Payable

Although tech has made Accounts Payable payment automation simple for a number of companies, 60 % of businesses in the USA do not know of the countless advantages to A/P automation. Leveraging software applications to utilize the method in manner that is seamless and convenient, here are our best 5 reasons why you should automate.

Cash Optimization
Accounts Payable automation allows A/P to correctly project its pending cash requirements, accordingly eliminating speculation. With better transparency from A/P automation, visibility into the process allows your A/P department to deal with tasks and things that will effect your department with value added activities.

Enhance internal controls
A manual A/P method is prone to fraudulent activity. You add to the challenges of human oversight, late payments, lost invoices, and the dreaded rush invoices. An automated A/P process embeds controls that avoid and deter fraud.

Maximize Exposure
The obsolete manual practice is affected with lack of visibility, by which can result in failing to acknowledge a segment of liabilities. This could understate operating expenses and therefore overstate earnings, which can cause accounting and reporting malfunctions and ultimately fraudulent activity. A/P automation provides an entire audit trail of each step in the read more process, and allows management to promptly solve possible troubles.

Please Clients
Your suppliers prefer a more effective payment method. More efficient payments result in special offers and cost savings for you. If you pay your clients by means of virtual card, which is an individual issued credit card for a one-time use, you earn monthly cash rebates. It’s equally beneficial for get more info Accounts Payable and Accounts Receivable. Your customers benefit from more efficient, seamless payments and your A/P Department pivots to a revenue generator.

Enhance Quality
Prevent error, delay, and avoidable costs with an automated A/P process. A/P mistakes may read more be very costly and take many resources to manually solve. With payment automation, you can see where, when and why errors transpired. Contrary to the manual method, with automation you’ll be able to systematically address and reduce mistakes to enhance quality.
A/P payment automation will save you cash, earn you additional income, decrease the risks of fraudulent activity, get your operations increased transparency, fulfill the customers’ demands, and advance the total quality of your A/P processes.

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