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Top Reasons to Automate Accounts Payable

Even though technology has made Accounts Payable payment automation indispensable for many businesses, 60 % of companies in the USA are unaware of the many benefits of A/P automation. Leveraging software programs to implement the method in manner that is seamless and easy, the following are our best 5 reasons why you should automate.

Cash Optimization
Accounts Payable automation enables A/P to accurately project its outstanding cash requirements, consequently eliminating uncertainty. With greater transparency from A/P automation, awareness into the system allows your A/P department to deal with tasks and priorities that can impact your department with value add activities.

Reinforce internal controls
A manual A/P method is susceptible to fraudulent activity. You multiply the challenges of human oversight, overdue payments, missing invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that prevent and discourage fraudulent activity.

Improve Exposure
The outdated manual method is affected with insufficient awareness, in which can result in failing to identify a part of liabilities. This may understate expenditures as well as overstate earnings, that may lead to accounting and reporting abnormalities and ultimately fraudulent activity. A/P automation provides a whole audit trail of each and every step in the process, and lets management to rapidly resolve potential troubles.

Please Clients
Your vendors would like a more efficient payment process. Easier payments result in special offers and savings for you. If you pay your clients via virtual card, which is a single issued card for a one-time use, you earn monthly cash rebates. It’s collectively beneficial for Accounts Payable and Accounts Receivable. Your customers benefit from more efficient, streamlined payments and your A/P Department pivots to a revenue generator.

Improve Quality
Prevent error, delay, and unnecessary costs with an automated A/P process. A/P errors are expensive and consume many resources to manually handle. With payment automation, you will see where, when and why problems happened. In contrast to the manual process, with automation you’ll be able to systematically address and reduce issues to increase quality.
A/P payment automation can help you save cash, earn you extra income, reduce the risks of fraudulent activity, get your operations increased transparency, meet the customers’ demands, and read more improve the total quality of your A/P processes.

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