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Top Reasons to Automate Accounts Payable

Even though tech has made Accounts Payable payment automation indispensable for many companies, 60 % of corporations in the US are not aware of the countless benefits associated with A/P automation. Leveraging software to implement the method in manner that is seamless and effortless, the following are our top 5 reasons why you should automate.

Cash Optimization
Accounts Payable automation allows A/P to correctly project its outstanding cash specifications, consequently removing guesswork. With better transparency from A/P automation, visibility into the process allows your A/P department to focus on tasks and priorities that will impact your department with value add activities.

Reinforce central controls
A manual A/P method is subject to fraud. You raise the threats of human oversight, overdue payments, missing invoices, and the dreaded rush invoices. An automated A/P process embeds controls that put a stop to and discourage fraudulent activity.

Increase Exposure
The obsolete manual practice is affected with lack of awareness, in which can result in failing check here to realize a segment of liabilities. This could understate expenses as well as ap automation overstate revenue, which could result in accounting and reporting abnormalities and ultimately fraudulent activity. A/P automation provides a complete audit trail of every part of the process, and permits management to quickly correct potential problems.

Please Customers
Your suppliers would like a more efficient payment process. More efficient payments result in discount rates and cost savings for you. When you pay your clients via virtual card, which is an individual issued credit card website for a one-time use, you generate monthly cash back incentives. It’s mutually good for Accounts Payable and Accounts Receivable. Your clients benefit from more efficient, streamlined payments and your A/P Department pivots to a profit generator.

Improve Quality
Avoid error, delay, and pointless costs with an automated A/P process. A/P mistakes may be very costly and consume many resources to manually resolve. With payment automation, you will see where, when and why faults occurred. In contrast to the manual method, with automation you’ll be in a position to methodically address and eliminate errors to improve quality.
A/P payment automation can save you cash, earn you extra profit, lessen the risks of fraud, get your operations more transparency, satisfy the customers’ needs, and improve the total quality of your A/P processes.

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