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Top Reasons Why You Should Automate Accounts Payable

Although tech has made Accounts Payable payment automation simple for a lot of corporations, 60 % of organizations in the United States are unaware of the many advantages to A/P automation. Leveraging software to implement the method in manner that is seamless and convenient, the following are our top 5 reasons to automate.

Cash Optimization
Accounts Payable automation enables A/P to accurately project its outstanding cash specifications, therefore getting rid of uncertainty. With increased transparency from A/P automation, awareness into the process allows your A/P department to focus on tasks and things which will impact your department with value added activities.

Enhance internal controls
A manual A/P method is at risk of fraud. You add to the risks of human oversight, late payments, lost invoices, and the dreaded rush invoices. An automated A/P process embeds controls that reduce and discourage fraud.

Boost Awareness
The outdated manual practice suffers from insufficient visibility, in which can result in failing to identify a segment of liabilities. This may understate expenditures thereby overstate earnings, which could cause accounting and reporting abnormalities and ultimately fraud. A/P automation produces a total audit trail of each step in the method, and allows management to quickly solve potential difficulties.

Satisfy Customers
Your vendors would like a more efficient payment process. Easier payments result in discount rates and savings for you. When you pay your customers with virtual credit card, which is a single accounts payable automation issued credit card for a one-time use, you will earn monthly cash rebates. It’s equally 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
Avoid error, delay, and unnecessary costs with an automated A/P process. A/P mistakes are expensive and use up many resources to manually resolve. With payment automation, you can see where, when and why problems took place. In contrast to the manual method, with automation you’ll be in a position read more to methodically address and reduce issues to boost quality.
A/P payment automation can save you cash, earn you additional earnings, decrease the risks of fraud, get your operations increased transparency, fulfill your customers’ demands, and advance the total quality of your A/P processes.

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