Benefits of AP Automation

Top Reasons Why You Should Automate Accounts Payable

Even though technology has made Accounts Payable payment automation indispensable for many organizations, 60 percent of businesses in the US are not aware of the numerous advantages to A/P automation. Leveraging software applications to utilize the process in manner that is seamless and easy, here are our main 5 reasons to automate.

Cash Optimization
Accounts Payable automation lets A/P to correctly project its pending cash requirements, therefore getting rid of guesswork. With better transparency from A/P automation, awareness into the system allows your A/P department to deal with activities and things that can impact your department with value added activities.

Improve central controls
A manual A/P process is subject to fraud. You increase 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 fraudulent activity.

Optimize Awareness
The obsolete manual method suffers from lack of visibility, by which can result in neglecting to realize a portion of liabilities. This could understate operating expenses thereby overstate here earnings, that may cause accounting and reporting abnormalities and ultimately fraudulent activity. A/P automation offers a complete audit trail of each and every step in the method, and permits management to quickly deal with potential problems.

Please Clients
Your suppliers would like a more efficient payment process. More efficient payments result in special discounts and cost savings for you. When you pay your customers with virtual card, which is an individual issued credit card for a more info one-time use, you receive monthly cash back incentives. It’s collectively good for Accounts Payable and Accounts Receivable. Your clients benefit from more efficient, streamlined payments and your A/P Department pivots ap automation 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 many resources to manually handle. With payment automation, you see where, when and why mistakes took place. Contrary to the manual procedure, with automation you’ll have the ability to systematically address and get rid of issues to improve quality.
A/P payment automation can save you cash, earn you extra earnings, lessen the risks of fraudulent activity, provide your operations better transparency, fulfill your customers’ demands, and enhance the total quality of your A/P processes.

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