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Top Reasons to Automate Accounts Payable

Despite the fact that modern technology makes Accounts Payable payment automation indispensable for numerous companies, 60 % of companies in the US do not know of the countless benefits of A/P automation. Leveraging software programs to implement the method in manner that is seamless and trouble-free, the following are our best five reasons why you should automate.

Cash Optimization
Accounts Payable automation allows A/P to correctly project its pending cash requirements, therefore removing guesswork. With more transparency from A/P automation, awareness into the process allows your A/P department to concentrate on tasks and things which will impact your department with value added actions.

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

Improve Visibility
The obsolete manual process suffers from lack of visibility, in which can result in failing to identify a part of liabilities. This could understate expenses as well as overstate income, which could result in accounting click here and reporting irregularities and ultimately fraudulent activity. A/P automation delivers an entire audit trail of each part of the method, and lets management to swiftly deal with potential troubles.

Satisfy Customers
Your suppliers would like a more effective payment process. More efficient payments result in special discounts and savings for you. If you pay your customers by means of virtual card, which is an individual issued credit card for a one-time use, you will earn monthly cash back incentives. It’s mutually beneficial for Accounts Payable and Accounts Receivable. Your clients benefit from more efficient, read more seamless payments and your A/P Department pivots to a profit generator.

Improve Quality
Avoid error, delay, and unnecessary costs with an automated A/P process. A/P problems are costly and consume many resources to manually remedy. With payment automation, you will see where, when and why issues transpired. Unlike the manual process, with automation you’ll have the ability to systematically address and get rid of mistakes to improve quality.
A/P payment automation will save you cash, earn you extra income, reduce the risks of fraudulent activity, provide your operations better transparency, satisfy the customers’ demands, and boost the overall quality of your A/P processes.

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