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Top Reasons Why You Should Automate Accounts Payable

Although modern technology has made Accounts Payable payment automation a standard for a number of organizations, 60 % of companies in the USA are unaware of the numerous benefits of A/P automation. Leveraging software applications to implement the process in manner that is seamless and trouble-free, the following are our main five reasons why you should automate.

Cash Optimization
Accounts Payable automation enables A/P to correctly project its outstanding cash requirements, therefore removing uncertainty. With more transparency from A/P automation, visibility into the system allows your A/P department to give attention to tasks and things which will impact your department with value added actions.

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

Increase Awareness
The obsolete manual process suffers from lack of awareness, by which can result in failing to realize a segment of liabilities. This can understate expenses thereby overstate revenue, that may lead to accounting and reporting malfunctions and ultimately fraudulent activity. A/P automation produces an entire audit trail of every part of the method, and allows management to rapidly handle potential problems.

Please Customers
Your vendors would like a more effective payment process. More efficient payments result in deals and savings for you. Whenever you pay your customers via virtual credit card, which is a single issued credit card for a one-time use, you earn monthly cash back incentives. It’s jointly good for Accounts Payable and Accounts Receivable. Your customers experience more efficient, streamlined payments and your A/P Department pivots to a cash generator.

Enhance Quality
Prevent error, delay, and needless costs with an automated A/P process. A/P mistakes may be very costly and use up many resources to manually handle. With payment automation, you can see where, when and why faults occurred. Unlike the manual process, with automation you’ll be in a position to methodically address and eliminate mistakes to boost quality.
A/P payment automation can help you save cash, earn you extra profit, click here lessen the risks of fraudulent activity, bring your operations more transparency, satisfy the customers’ needs, and improve the overall quality of your A/P processes.

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