Improve Payments With Accounts Payable Solutions

Top Reasons to Automate Accounts Payable

Although modern technology has made Accounts Payable payment automation indispensable for many organizations, 60 percent of businesses in the United States are not aware of the many benefits associated with A/P automation. Leveraging software applications to apply the method in manner that is seamless and trouble-free, here are our major five reasons why you should automate.

Cash Optimization
Accounts Payable automation lets A/P to accurately project its outstanding cash specifications, accordingly eliminating speculation. With better transparency from A/P automation, visibility into the system allows your A/P department to give attention to activities and things which will impact your department with value added actions.

Improve central controls
A manual A/P process is prone to fraud. You add to the threats of human error, overdue payments, missing invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that avoid and deter fraudulent activity.

Improve Awareness
The obsolete manual method is affected with lack of awareness, wherein can result in failing to identify here a part of liabilities. This may understate expenses as well as overstate income, that may contribute website to accounting and reporting malfunctions and ultimately fraudulent activity. A/P automation provides a complete audit trail of each and every step in the process, and lets management to promptly handle possible problems.

Satisfy Customers
Your suppliers prefer a more efficient payment method. More efficient payments result in special discounts and savings for you. Whenever you pay your customers by means of virtual card, which is a single issued credit card for a one-time use, you will earn monthly cash back incentives. It’s jointly good for Accounts Payable and Accounts Receivable. Your customers benefit from more efficient, seamless payments and your A/P Department pivots to a profit generator.

Improve Quality
Prevent error, delay, and unnecessary costs with an automated A/P process. A/P errors are costly and take many resources to manually clear up. With payment automation, you see where, when and why problems happened. Contrary to the manual method, with automation you’ll be able to methodically address and eliminate issues to enhance quality.
A/P payment automation will save you cash, earn you extra cash, reduce the risks of fraudulent activity, provide your operations increased transparency, satisfy the customers’ demands, and enhance the overall quality of your A/P processes.

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