Benefits of AP Solutions

Top Reasons Why You Should Automate Accounts Payable

Even though technology has made Accounts Payable payment automation indispensable for many businesses, 60 percent of businesses in the US do not know of the numerous benefits associated with A/P automation. Leveraging software programs to apply the method in manner that is seamless and easy, listed here are our top five reasons to automate.

Cash Optimization
Accounts Payable automation enables A/P to accurately project its pending cash specifications, consequently getting rid of guesswork. With increased transparency from A/P automation, visibility into the process allows your A/P department to deal with activities and priorities which will effect your department with value added activities.

Reinforce internal controls
A manual A/P process is prone to fraudulent activity. You multiply the threats of human oversight, overdue payments, lost invoices, and the dreaded rush invoices. An automated A/P process embeds controls that reduce and discourage fraudulent activity.

Improve Visibility
The outdated manual practice is affected with lack of visibility, through which can result in failing to realize a segment of liabilities. This can understate operating expenses as well as overstate revenue, that may contribute to accounting and reporting irregularities and ultimately fraud. A/P automation produces a whole audit trail of every part of the process, and allows management to swiftly solve possible difficulties.

Please Clients
Your suppliers want a more efficient payment method. more info More efficient payments result in savings and savings for you. Whenever you pay your clients with virtual card, which is an individual issued credit card for a one-time use, you earn monthly cash rebates. It’s collectively beneficial for Accounts Payable and Accounts Receivable. Your clients experience more efficient, seamless payments and your A/P Department pivots to a profit generator.

Enhance Quality
Prevent error, delay, and unnecessary costs with an automated A/P process. A/P errors are expensive and take many resources to manually remedy. With payment automation, you can see where, when and why errors happened. Unlike the manual method, with automation you’ll have the ability to systematically address and eliminate problems to increase quality.
A/P payment automation will save you cash, earn you additional earnings, decrease the risks of fraudulent activity, provide your operations greater transparency, meet your customers’ demands, and enhance the total quality of your A/P processes.

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