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Top Reasons Why You Should Automate Accounts Payable

Despite the fact that tech has made Accounts Payable payment automation simple for numerous businesses, 60 % of corporations in the US do not know of the many benefits of A/P automation. Leveraging software applications to apply the method in manner that is seamless and convenient, the following are our major 5 reasons why you should automate.

Cash Optimization
Accounts Payable automation enables A/P to correctly project its outstanding cash requirements, consequently removing estimation. With increased transparency from A/P automation, visibility into the system allows your A/P department to give attention to activities and priorities that will impact your department with value added actions.

Improve internal controls
A manual A/P method is prone to fraudulent activity. You multiply the pitfalls of human error, late payments, missing invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that stop and deter fraud.

Maximize Visibility
The obsolete manual process suffers from lack of awareness, in which can result in neglecting to recognize a portion of liabilities. This can check here understate expenses and therefore overstate earnings, which could lead to accounting and reporting malfunctions and ultimately fraud. A/P automation provides a total audit trail of every part of the process, and permits management to rapidly deal with potential issues.

Please Customers
Your vendors prefer a more beneficial payment method. Easier payments result in deals and savings for you. Whenever you pay your clients by means of virtual credit card, which is a single issued card for a one-time use, you receive monthly cash rebates. It’s jointly beneficial for Accounts Payable and Accounts Receivable. Your customers experience more efficient, seamless payments and your A/P Department pivots to a cash generator.

Enhance Quality
Avoid error, delay, and unnecessary get more info costs with an automated A/P process. A/P errors may be very costly and take many resources to manually fix. With payment automation, you can see where, when and why faults occurred. Unlike the manual process, with automation you’ll have the ability to methodically address and get rid of errors to improve quality.
A/P payment automation can help you save cash, earn you extra earnings, reduce the risks of fraud, provide your operations better transparency, fulfill your customers’ needs, and boost the total quality of your A/P processes.

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