Benefits of AP Automation

Top Reasons to Automate Accounts Payable

While modern technology has made Accounts Payable payment automation indispensable for a lot of businesses, 60 percent of organizations in the USA are unaware of the countless benefits associated with A/P automation. Leveraging software programs to apply the method in manner that is seamless and trouble-free, the following are our major 5 reasons why you should automate.

Cash Optimization
Accounts Payable automation enables A/P to accurately project its outstanding cash requirements, accordingly eliminating estimation. With better transparency from A/P automation, awareness into the process allows your A/P department to concentrate on tasks and priorities which will impact your department with value add activities.

Strengthen central controls
A manual A/P process is at risk of fraudulent activity. You multiply the issues of human error, overdue payments, missing invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that reduce and deter fraudulent activity.

Capitalize on Visibility
The outdated manual process is affected with lack of awareness, in which can result in failing to recognize a part of liabilities. This could understate expenses thereby overstate income, which could more info lead to accounting and reporting abnormalities and ultimately fraud. A/P automation offers a complete audit trail of each part of the process, and lets management to quickly deal with potential troubles.

Please Customers
Your suppliers want a more beneficial payment method. More efficient payments result in special discounts and cost savings for you. If you pay your clients by ap automation means of virtual 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
Prevent error, delay, and avoidable costs with an automated A/P process. A/P mistakes are expensive and use up many resources to manually handle. With payment automation, you will see where, when and why problems took place. In contrast to the manual process, with automation you’ll be able to systematically address and eliminate mistakes to enhance quality.
A/P payment automation can help you save cash, earn you extra income, reduce the risks of fraud, bring your operations greater transparency, satisfy the customers’ needs, and enhance the overall quality of your A/P processes.

Leave a Reply

Your email address will not be published. Required fields are marked *