Benefits of AP Solutions

Top Reasons Why You Should Automate Accounts Payable

Although technology makes Accounts Payable payment automation a standard for many businesses, 60 % of organizations in the USA are not aware of the many benefits associated with A/P automation. Leveraging software applications to implement the process in manner that is seamless and trouble-free, listed here are our main 5 reasons to automate.

Cash Optimization
Accounts Payable automation lets A/P to correctly project its outstanding cash requirements, accordingly getting rid of uncertainty. With more transparency from A/P automation, awareness into the process allows your A/P department to focus on tasks and things that can effect your department with value added activities.

Reinforce internal controls
A manual A/P process is prone to fraudulent activity. You add to the risks of human oversight, late payments, lost invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that prevent and deter fraudulent activity.

Optimize Exposure
The outdated manual practice is affected with insufficient visibility, by which can result in failing to identify a portion of risks. This can understate expenditures and therefore overstate revenue, which can lead to accounting and reporting irregularities and ultimately fraud. A/P automation produces a total audit trail of each part of the process, and enables management to promptly handle possible issues.

Satisfy Customers
Your suppliers would like a more beneficial payment method. More efficient payments result in special read more discounts and savings for you. When you pay your customers via virtual card, which is a single issued card for a one-time use, you earn monthly cash rebates. It’s mutually beneficial for Accounts Payable and Accounts Receivable. Your customers experience more efficient, seamless payments and your A/P Department pivots to a profit generator.

Enhance Quality
Prevent error, delay, and avoidable costs with an automated A/P process. A/P problems are expensive and consume many resources to manually correct. With payment automation, you will see where, when and why faults occurred. Contrary to the manual method, with automation you’ll be in a position to systematically address and get rid of errors to increase quality.
A/P payment automation can help you save cash, earn you additional earnings, decrease the risks of fraudulent activity, bring your operations more transparency, satisfy your customers’ demands, and enhance the total quality of your A/P processes.

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