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Top Reasons Why You Should Automate Accounts Payable

While tech has made Accounts Payable payment automation a standard for a number of organizations, 60 % of organizations in the US are unaware of the countless advantages to A/P automation. Leveraging software to apply the process in manner that is seamless and effortless, listed here are our top five reasons to automate.

Cash Optimization
Accounts Payable automation allows A/P to accurately project its outstanding cash requirements, consequently removing guesswork. With greater transparency from A/P automation, awareness into the process allows your A/P department to focus on tasks and things that will impact your department with value add activities.

Reinforce central controls
A manual A/P method is at risk of fraud. You multiply the challenges of human error, late payments, missing invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that stop and deter fraud.

Capitalize on Visibility
The obsolete manual process suffers from lack of awareness, by which can result in failing to recognize a part of risks. This may understate operating expenses and therefore overstate income, which can trigger accounting and reporting malfunctions and ultimately fraud. A/P automation offers a whole audit trail of every step in the method, and allows management to quickly resolve possible troubles.

Please Customers
Your suppliers want a more effective payment method. More efficient payments result in savings and savings for you. When you pay click here your clients by way of virtual card, which is an individual issued card for a one-time use, you will earn monthly cash back incentives. It’s mutually good for Accounts Payable and Accounts Receivable. Your customers benefit from more efficient, seamless payments and your A/P Department pivots to a cash generator.

Improve Quality
Avoid error, delay, and pointless costs with an automated A/P process. A/P errors can be very expensive and use up more info many resources to manually solve. With payment automation, you see where, when and why issues took place. Unlike the manual procedure, with automation you’ll be in a position to systematically address and reduce problems to increase quality.
A/P payment automation can save you cash, earn you extra cash, lessen the risks of fraudulent activity, provide your operations increased transparency, meet the customers’ demands, and boost the overall quality of your A/P processes.

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