Benefits of AP Solutions

Top Reasons Why You Should Automate Accounts Payable

Although tech makes Accounts Payable payment automation indispensable for a lot of businesses, 60 percent of corporations in the US do not know of the many advantages to A/P automation. Leveraging software programs to apply the process in manner that is seamless and convenient, the following are our top 5 reasons why you should automate.

Cash Optimization
Accounts Payable automation enables A/P to correctly project its pending cash specifications, therefore getting rid of uncertainty. With greater transparency from A/P automation, visibility into the system allows your A/P department to focus on activities and priorities which will impact your department with value add actions.

Reinforce internal controls
A manual A/P process is subject to fraudulent activity. You multiply the challenges of human error, overdue payments, lost invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that put a stop to and discourage fraudulent activity.

Maximize Visibility
The obsolete manual method is affected with insufficient visibility, through which can result in neglecting to acknowledge a portion of risks. This may understate expenditures and therefore overstate revenue, which can result in accounting and reporting malfunctions and ultimately fraud. A/P automation delivers an entire audit trail of each step in the method, and permits click here management to promptly fix potential problems.

Please Customers
Your suppliers want a more efficient payment process. Easier payments result in special offers and cost savings for you. Whenever you ap solutions pay your clients by way of virtual credit card, which is an individual issued credit card for a one-time use, you generate monthly cash back incentives. It’s jointly beneficial for Accounts Payable and Accounts Receivable. Your customers benefit from more efficient, seamless payments and your A/P Department pivots to a revenue generator.

Improve Quality
Avoid error, delay, and unneeded costs with an automated A/P process. A/P errors may be very costly and use up many resources to manually fix. With payment automation, you can see where, when and why problems took place. Contrary to the manual method, with automation you’ll be in a position to systematically address and eliminate issues to improve quality.
A/P payment automation will save you cash, earn you extra income, reduce the risks of fraudulent activity, bring your operations more transparency, fulfill the customers’ demands, and advance the overall quality of your A/P processes.

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