Benefits of AP Solutions

Top Reasons Why You Should Automate Accounts Payable

Although tech has made Accounts Payable payment automation simple for a lot of businesses, 60 percent of organizations in the USA are not aware of the many benefits of A/P automation. Leveraging software to apply the process in manner that is seamless and convenient, listed here are our major five reasons to automate.

Cash Optimization
Accounts Payable automation allows A/P to accurately project its pending cash requirements, accordingly removing uncertainty. With better transparency from A/P automation, awareness into the system allows your A/P department to focus on activities and priorities that will effect your department with value add activities.

Reinforce central controls
A manual A/P method is at risk of fraudulent activity. You increase the issues of human oversight, overdue payments, lost invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that prevent and deter fraudulent activity.

Boost Awareness
The outdated manual practice suffers from lack of visibility, in which can result in failing to recognize a portion of risks. This could understate expenditures and therefore overstate income, which can lead to accounting and reporting abnormalities and ultimately fraud. A/P automation delivers a complete audit trail of each and every part of the method, and lets management to rapidly deal with possible troubles.

Please Customers
Your suppliers want a more effective payment method. More website efficient payments result in deals and cost savings for you. Whenever you pay your customers via virtual credit card, which is a single issued credit card for a one-time use, you earn monthly cash back incentives. It’s jointly good for Accounts Payable and Accounts Receivable. Your customers experience more efficient, streamlined payments and your A/P Department pivots to a revenue generator.

Enhance Quality
Avoid error, delay, and unnecessary costs with an automated A/P process. A/P problems may be very costly and use up many resources to manually remedy. With payment automation, you see where, when and why issues transpired. Contrary to the manual process, with automation you’ll be in a position to systematically address and reduce mistakes to enhance quality.
A/P payment automation will save you cash, earn you extra cash, decrease the risks of fraud, provide your operations more transparency, fulfill your customers’ needs, and boost the total quality of your A/P processes.

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