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Top Reasons to Automate Accounts Payable

Despite the fact that modern technology makes Accounts Payable payment automation simple for a lot of businesses, 60 percent of businesses in the USA do not know of the many benefits associated with A/P automation. Leveraging software to apply the process in manner that is seamless and trouble-free, the following are our major 5 reasons to automate.

Cash Optimization
Accounts Payable automation allows A/P to accurately project its outstanding cash requirements, consequently getting rid of estimation. With better transparency from A/P automation, awareness into the process allows your A/P department to deal with tasks and things which will effect your department with value added actions.

Reinforce central controls
A manual A/P process is subject to fraudulent activity. You add to the challenges of human oversight, late payments, missing invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that avoid and discourage fraud.

Capitalize on Visibility
The outdated manual process is affected with insufficient awareness, in which can result in neglecting to recognize a part of liabilities. This can understate operating expenses thereby overstate earnings, that may contribute to accounting and reporting malfunctions and ultimately fraud. A/P automation offers an entire audit trail of each part here of the process, and enables management to promptly deal with potential complications.

Satisfy Customers
Your vendors would like a more efficient payment method. Easier payments result in special offers and savings for you. When you pay your customers by way 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 customers benefit from more efficient, streamlined payments and your A/P Department pivots to a income generator.

Improve Quality
Avoid error, delay, and unneeded costs with an automated A/P process. A/P mistakes can be very expensive and use up many resources to manually resolve. With payment automation, you can see where, when and why problems transpired. Unlike the manual procedure, with automation you’ll be in a position to methodically address and reduce mistakes to improve quality.
A/P payment automation will save you cash, earn you extra earnings, reduce the risks of fraud, bring your operations increased transparency, fulfill your customers’ demands, and advance the total quality of your A/P processes.

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