Benefits of Accounts Payable Solutions

Top Reasons to Automate Accounts Payable

Even though modern technology has made Accounts Payable payment automation a standard for a number of corporations, 60 percent of businesses in the US are unaware of the countless advantages of A/P automation. Leveraging software to utilize the method in manner that is seamless and effortless, the following are our major 5 reasons to automate.

Cash Optimization
Accounts Payable automation enables A/P to correctly project its outstanding cash requirements, therefore eliminating estimation. With greater transparency from A/P automation, awareness into the process allows your A/P department to give attention to tasks and priorities that will impact your department with value added actions.

Strengthen internal controls
A manual A/P method is subject to fraudulent activity. You increase the challenges of human error, overdue payments, lost invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that avoid and discourage fraud.

Improve Exposure
The outdated manual process is affected with lack of awareness, by which can result in neglecting to recognize a part of liabilities. This can understate operating expenses and therefore overstate revenue, which could cause accounting and reporting irregularities and ultimately fraudulent activity. A/P automation provides a whole audit trail of every step in the process, and enables management to swiftly solve potential complications.

Satisfy Customers
Your suppliers want a more effective payment process. Easier payments result in discount rates and cost savings for you. Whenever you pay your clients with virtual credit card, which is an individual issued credit card for a one-time use, you will earn monthly cash rebates. It’s mutually beneficial for Accounts Payable and Accounts Receivable. Your customers benefit from more efficient, seamless payments and your A/P Department pivots to a revenue generator.

Enhance Quality
Prevent error, delay, and unnecessary costs with an automated A/P process. A/P errors are expensive and consume many resources to manually handle. With payment automation, you will see where, when and why problems took place. In contrast to the manual method, with automation you’ll be able to systematically address and reduce issues to boost quality.
A/P payment automation will save you cash, earn you extra income, reduce the risks of fraudulent activity, provide your operations more transparency, meet your customers’ needs, and enhance the ap solutions overall quality of your A/P processes.

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