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Top Reasons Why You Should Automate Accounts Payable

Even though technology has made Accounts Payable payment automation indispensable for a number of businesses, 60 percent of organizations in the United States are unaware of the many advantages of A/P automation. Leveraging software programs to implement the process in manner that is seamless and effortless, here are our main five reasons to automate.

Cash Optimization
Accounts Payable automation lets A/P to correctly project its outstanding cash specifications, therefore removing guess work. With more transparency from A/P automation, visibility into the system allows your A/P department to deal with tasks and priorities that can effect your department with value added actions.

Strengthen internal controls
A manual A/P process is prone to fraud. You increase the challenges of human error, overdue payments, lost invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that prevent and deter fraudulent activity.

Maximize Visibility
The outdated manual method suffers from lack of visibility, in which can result in neglecting to identify a part of risks. This could understate expenditures and therefore overstate revenue, which can cause accounting and reporting irregularities and ultimately fraudulent activity. A/P automation offers a whole audit trail of each and every part of the process, and permits management to rapidly fix potential complications.

Please Customers
Your vendors would like a more beneficial payment method. More efficient payments result in special discounts and savings for you. Whenever you pay your customers with virtual card, which is an individual issued card for a one-time use, you earn monthly cash back incentives. It’s collectively beneficial for Accounts Payable and Accounts Receivable. Your clients experience more efficient, streamlined payments and your A/P Department pivots to a profit generator.

Improve Quality
Prevent error, delay, and read more pointless costs with an automated A/P process. A/P mistakes may be very costly and consume many resources to manually correct. With payment automation, you can see where, when and why mistakes transpired. In contrast to the manual process, with automation you’ll have the ability to systematically address and get rid of issues to increase quality.
A/P payment automation will save you cash, earn you additional profit, reduce the risks of fraudulent activity, provide your operations better transparency, satisfy the customers’ needs, and enrich the total quality of your A/P processes.

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