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Payment automation allows for faster payment processing and invoicing, which can help improve cash flow and reduce the risk of late payments. Payment automation can provide increased security measures, such as data encryption and userauthentication, which can help prevent fraud and unauthorized access to financial data.
Let's say you process 10,000 invoices monthly at $10 each. Now consider this: roughly a third of businesses surveyed were able to reduce invoice processingcosts even more: a whopping 50%. A shorter processing time can indicate a more efficient process. That's roughly $300,000 saved annually.
Dramatic Cost Reductions in Processing Let's start with the financial health of your department. AP Automation has been shown to slash processingcosts by a staggering 70%. Accounts payable automation solutions are built with robust security measures like encryption, userauthentication, and audit trails.
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