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Top Reasons to Automate Accounts Payable

Despite the fact that tech makes Accounts Payable payment automation a standard for a lot of businesses, 60 percent of companies in the USA are unaware of the numerous advantages to A/P automation. Leveraging software to utilize the process in manner that is seamless and easy, listed here are our best 5 reasons why you should automate.

Cash Optimization
Accounts Payable automation lets A/P to accurately project its pending cash specifications, accordingly removing estimation. With increased transparency from A/P automation, visibility into the system allows your A/P department to deal with activities and priorities that can impact your department with value added activities.

Improve central controls
A manual A/P process is at risk of fraud. You increase the pitfalls of human oversight, late payments, lost invoices, and the dreaded rush invoices. An automated A/P process embeds controls that avoid and deter fraudulent activity.

Increase Awareness
The obsolete manual method is affected with lack of awareness, wherein can result in failing to identify a part of liabilities. This may understate expenses as well as overstate income, which could result in accounting and reporting malfunctions and ultimately fraud. A/P automation provides an entire audit trail of every part of the method, and accounts payable automation enables management to promptly solve possible problems.

Satisfy Clients
Your vendors prefer a more effective payment process. Easier payments result in discounts and cost savings for you. When accounts payable automation you pay your customers with virtual card, which is an individual issued credit card for a one-time use, you generate monthly cash back incentives. It’s mutually beneficial for Accounts Payable and Accounts Receivable. Your clients experience more efficient, streamlined payments and your A/P Department pivots to a cash generator.

Enhance Quality
Avoid error, delay, and unneeded costs with an automated A/P process. A/P problems are expensive and use up many resources to manually solve. With payment automation, you will see where, when and why issues occurred. In contrast to the manual method, with automation you’ll be in a position to methodically address and eliminate errors to enhance quality.
A/P payment automation can help you save cash, earn you additional cash, reduce the risks of fraud, bring your operations greater transparency, meet your customers’ demands, and enrich the overall quality of your A/P processes.

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