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Top Reasons to Automate Accounts Payable

Despite the fact that modern technology makes Accounts Payable payment automation simple for numerous 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 convenient, the following are our major 5 reasons to automate.

Cash Optimization
Accounts Payable automation allows A/P to accurately project its pending cash requirements, accordingly getting rid of guess work. With more transparency from A/P automation, awareness into the system allows your A/P department to deal with tasks and things which will effect your department with value add activities.

Improve internal controls
A manual A/P method is vulnerable to fraud. You increase the challenges of human oversight, overdue payments, missing invoices, and the dreaded rush invoices. An automated A/P process embeds controls that prevent and discourage fraudulent activity.

Improve Awareness
The outdated manual practice suffers from lack of awareness, wherein can result in failing to realize a portion of risks. This may understate expenditures and therefore overstate earnings, which can cause accounting and reporting malfunctions and ultimately fraud. A/P automation delivers a complete audit trail of each and every part of the process, and permits management to rapidly handle potential problems.

Please Clients
Your vendors more info would like a more beneficial payment process. More click here efficient payments result in special discounts and cost savings for you. When you pay your customers by way of virtual card, which is an individual issued card for a one-time use, you receive monthly cash back incentives. It’s mutually beneficial for Accounts Payable and Accounts Receivable. Your clients experience more efficient, seamless payments and your A/P Department pivots to a profit generator.

Enhance Quality
Prevent error, delay, and pointless costs with an automated A/P process. A/P problems are costly and take many resources to manually resolve. With payment automation, you see where, when and why issues transpired. In contrast to the manual process, with automation you’ll be able to methodically address and eliminate problems to enhance quality.
A/P payment automation can save you cash, earn you additional earnings, lessen the risks of fraudulent activity, get your operations increased transparency, satisfy your customers’ demands, and improve the total quality of your A/P processes.

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