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Top Reasons to Automate Accounts Payable

Despite the fact that modern technology makes Accounts Payable payment automation simple for a lot of organizations, 60 percent of businesses in the USA are not aware of the numerous advantages of A/P automation. Leveraging software to apply the process in manner that is seamless and trouble-free, listed here are our major five reasons to automate.

Cash Optimization
Accounts Payable automation allows A/P to accurately project its pending cash requirements, accordingly getting rid of uncertainty. With greater transparency from A/P automation, visibility into the process allows your A/P department to concentrate on activities and priorities that will effect your department with value added actions.

Enhance central controls
A manual A/P method is prone to fraud. You multiply the issues of human error, late payments, lost invoices, and the dreaded rush invoices. An automated A/P process embeds controls that put a stop to and deter fraud.

Boost Visibility
The obsolete manual method suffers from lack of awareness, in which can result in failing to identify a portion of risks. This could understate expenses as well as overstate earnings, that may trigger accounting and reporting malfunctions and ultimately fraudulent activity. A/P automation provides an entire audit trail of every part of the method, and permits management to promptly handle possible difficulties.

Please Clients
Your vendors would like a more efficient payment method. More efficient payments result in deals and cost savings for you. If you pay your clients via virtual credit card, which is an individual issued credit card for a one-time use, you earn monthly cash rebates. It’s mutually beneficial for Accounts Payable and Accounts Receivable. Your customers experience more efficient, seamless payments and your A/P Department pivots to a profit generator.

Enhance Quality
Avoid error, delay, and unneeded costs with an automated A/P process. A/P errors are expensive and consume many resources to manually handle. With payment automation, you will see where, when and why mistakes occurred. Contrary to the manual procedure, with automation you’ll more info be in a position to systematically address and reduce problems to enhance quality.
A/P payment automation will save you cash, earn you extra income, lessen the risks of fraud, provide read more your operations increased transparency, fulfill your customers’ demands, and enrich the total quality of your A/P processes.

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