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Top Reasons to Automate Accounts Payable

Although technology has made Accounts Payable payment automation indispensable for a lot of corporations, 60 percent of companies in the USA are not aware of the many advantages of A/P automation. Leveraging software to apply the method in manner that is seamless and trouble-free, here are our best five reasons to automate.

Cash Optimization
Accounts Payable automation allows A/P to accurately project its pending cash specifications, consequently 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 impact your department with value add activities.

Reinforce internal controls
A manual A/P method is susceptible to fraudulent activity. You raise the issues of human oversight, overdue payments, missing invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that avoid and discourage fraudulent activity.

Optimize Exposure
The outdated manual practice suffers from lack of awareness, through which can result in neglecting to realize a segment of risks. This may understate expenses thereby overstate earnings, that may cause accounting and reporting abnormalities and ultimately fraudulent activity. A/P automation offers a whole audit trail of each and every step in the process, and permits management to rapidly correct possible problems.

Satisfy Clients
Your suppliers want a more effective payment process. More efficient payments result in discounts and savings for you. When you pay your customers by means of virtual card, which is a single issued credit card for a one-time use, you will 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 profit generator.

Enhance Quality
Prevent error, delay, and avoidable costs with an automated A/P process. A/P errors are costly and use up many resources to manually ap automation correct. With payment automation, you can see where, when and why errors transpired. In contrast to the manual procedure, with automation you’ll be able to systematically here address and get rid of mistakes to enhance quality.
A/P payment automation will save you cash, earn you additional earnings, reduce the risks of fraudulent activity, bring your operations greater transparency, fulfill your customers’ needs, and advance the total quality of your A/P processes.

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