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Top Reasons to Automate Accounts Payable

Despite the fact that modern technology makes Accounts Payable payment automation a standard for numerous organizations, 60 percent of businesses in the US do not know of the many benefits of A/P automation. Leveraging software programs to implement the process in manner that is seamless and trouble-free, the following are our best five reasons to automate.

Cash Optimization
Accounts Payable automation allows A/P to correctly project its pending cash requirements, consequently getting rid of speculation. With greater transparency from A/P automation, visibility into the process allows your A/P department to give attention to tasks and priorities which will effect your department with value add activities.

Enhance central controls
A manual A/P method is susceptible to fraud. You add to the issues 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.

Increase Exposure
The obsolete manual method suffers from lack of awareness, by which can result in failing to realize a segment of liabilities. This may understate operating expenses as well as overstate earnings, which could result in accounting and reporting abnormalities and ultimately fraudulent activity. A/P automation provides a complete audit trail of every step in the method, check here and enables management to quickly resolve possible problems.

Satisfy Clients
Your vendors want a more effective payment process. More efficient payments result in special discounts and cost savings for you. If you pay your customers with virtual credit card, which is an individual issued credit card for a one-time use, you generate monthly cash rebates. It’s jointly good for Accounts Payable and Accounts Receivable. Your clients experience more efficient, streamlined 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 mistakes can be very expensive and take many resources to manually fix. With payment automation, you see where, when and why faults took place. Unlike the manual process, with automation you’ll be able to methodically address and reduce mistakes to boost quality.
A/P payment automation will save you cash, earn you additional cash, reduce the risks of fraudulent activity, bring your operations increased transparency, meet the customers’ needs, and enhance the overall quality of your A/P processes.

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