Benefits of AP Solutions

Top Reasons Why You Should Automate Accounts Payable

Although technology has made Accounts Payable payment automation a standard for numerous businesses, 60 % of organizations in the USA are unaware of the numerous benefits associated with A/P automation. Leveraging software to utilize the process in manner that is seamless and easy, here are our top five reasons why you should automate.

Cash Optimization
Accounts Payable automation allows A/P to accurately project its outstanding cash specifications, consequently eliminating guess work. With greater transparency from A/P automation, awareness into the system allows your A/P department to concentrate on activities and things which will impact your department with value added activities.

Strengthen central controls
A manual A/P process is vulnerable to fraudulent activity. You multiply the risks of human oversight, late payments, lost invoices, and the dreaded rush invoices. An automated A/P process embeds controls that stop and discourage fraud.

Maximize Exposure
The obsolete manual process is affected with insufficient visibility, by which can result in neglecting to recognize a segment of risks. This could understate operating expenses thereby overstate revenue, which can contribute to accounting and reporting malfunctions and ultimately fraudulent activity. A/P automation provides a whole audit trail of every step in the method, and enables management to swiftly solve possible problems.

Satisfy Clients
Your vendors prefer a more click here efficient payment method. Easier payments result in discount rates and cost savings for you. If you pay your customers by means of virtual credit card, which is an individual issued credit card for a one-time use, you earn monthly cash rebates. It’s equally good for Accounts Payable and Accounts Receivable. Your clients experience more efficient, streamlined payments and your A/P Department pivots to a revenue generator.

Improve Quality
Avoid error, delay, and unneeded costs with an automated A/P process. A/P problems are costly check here and consume many resources to manually handle. With payment automation, you will see where, when and why issues occurred. Unlike the manual process, with automation you’ll be able to systematically address and eliminate errors to improve quality.
A/P payment automation can save you cash, earn you additional revenue, lessen the risks of fraudulent activity, provide your operations more transparency, fulfill your customers’ demands, and enrich the overall quality of your A/P processes.

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