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Automated Accounts Payable

oboloo Glossary

Automated Accounts Payable

Automated Accounts Payable, or AAP, is a business practice in which a company’s accounts payable procedures are automated. This automated system eliminates manual data entry and typically includes a variety of software and hardware components. It includes the use of a payment gateway to securely transfer payment information to and from the company, an automated reconciliation process, and an automated data entry system to ensure accuracy and efficiency. The main goals of Automated Accounts Payable are to streamline the accounts payable process and reduce manual labor. Automated Accounts Payable allows companies to save time, money, and resources by eliminating the need to manually enter data, reconcile transactions, and process documents. In addition, it helps to reduce the risk of errors and fraud, and ensures that all transactions are compliant with industry regulations. Automated Accounts Payable also allows for faster payment processing and improved visibility into financial data. This practice helps to improve efficiency

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