Although technology has made Accounts Payable payment automation a standard for many organizations, 60 percent of businesses in the United States are not aware of the countless benefits of A/P automation. Leveraging software applications to apply the process in manner that is seamless and effortless, here are our top 5 reasons to automate.
Cash Optimization Accounts Payable automation allows A/P to accurately project its pending cash requirements, consequently eliminating guesswork. With greater transparency from A/P automation, visibility into the process allows your A/P department to focus on activities and priorities that will impact your department with value add activities.
Strengthen internal controls A manual A/P process is susceptible to fraud. You increase the risks of human error, late payments, missing invoices, and the dreaded rush invoices. An automated A/P process embeds controls that prevent and deter fraud.
Optimize Visibility The outdated manual process suffers from lack of visibility, in which can result in neglecting to recognize a portion of liabilities. This can understate expenses and therefore overstate income, which can result in accounting and reporting irregularities and ultimately fraud. A/P automation delivers a complete audit trail of every step in the process, and allows management to quickly resolve potential problems.
Satisfy Customers Your suppliers prefer a more efficient payment method. More efficient payments result in discounts and savings for you. When you pay your customers via virtual card, which is a single issued card for a one-time use, you earn monthly cash rebates. It’s mutually 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 Avoid error, delay, and unnecessary costs with an automated A/P process. A/P errors are costly and consume many resources to manually resolve. With payment automation, you can see where, when and why errors occurred. Unlike the manual process, with automation you’ll be able to systematically address and eliminate errors to improve quality.
In today's digital world, no one really uses checks regularly for their personal transactions. Ask anyone outside of the finance industry the last...
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Listed by CFO Tech as one of the Top 10 Accounts Payable Solution Providers 2018 and 2019 and by CIO Review as part of the 20 Most Promising Corporate Finance Tech companies for 2017, OnPay Solutions streamlines processes for accounts payable by automating invoice processing and payments.