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Top Reasons to Automate Accounts Payable

Although tech makes Accounts Payable payment automation indispensable for many organizations, 60 % of companies in the United States do not know of the countless benefits of A/P automation. Leveraging software to apply the process in manner that is seamless and trouble-free, listed here are our best 5 reasons why you should automate.

Cash Optimization
Accounts Payable automation allows A/P to accurately project its pending cash requirements, therefore eliminating guesswork. With increased transparency from A/P automation, awareness into the system allows your A/P department to deal with tasks and things that will effect your department with value added actions.

Strengthen central controls
A manual A/P method is at risk of fraudulent activity. You add to the risks of human oversight, overdue payments, lost invoices, and the dreaded rush invoices. An automated A/P process embeds controls that put a stop to and discourage fraud.

Improve Exposure
The outdated manual process is affected with insufficient visibility, in which can result in failing to realize a segment of liabilities. This may understate expenditures and therefore overstate revenue, that may cause accounting and reporting irregularities and ultimately fraudulent activity. A/P automation offers a total audit trail of every step in the method, and enables management to quickly resolve possible issues.

Satisfy Clients
Your suppliers want a more effective payment method. More efficient payments result in deals and cost savings for you. When you pay your clients by way of virtual credit card, website 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 benefit from more efficient, seamless payments and your A/P Department pivots to a income generator.

Enhance Quality
Prevent error, delay, and unnecessary costs with an automated A/P process. A/P mistakes may be very costly and take many resources to manually correct. With payment automation, you see where, when and why errors occurred. Unlike the manual process, with automation you’ll have the ability to systematically address and eliminate errors to enhance quality.
A/P payment automation can help you save cash, earn you extra income, reduce the risks of fraud, provide your operations better transparency, satisfy your customers’ demands, and improve the total quality of your A/P processes.

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