Top Reasons Why You Should Automate Accounts Payable
Despite the fact that tech has made Accounts Payable payment automation simple for numerous organizations, 60 % of corporations in the US do not know of the countless advantages to A/P automation. Leveraging software applications to implement the process in manner that is seamless and effortless, here are our major five reasons to automate.
Accounts Payable automation lets A/P to accurately project its outstanding cash specifications, consequently eliminating guesswork. With greater transparency from A/P automation, awareness into the system allows your A/P department to give attention to activities and priorities that can impact your department with value add actions.
Reinforce central controls
A manual A/P process is at risk of fraudulent activity. You add to the threats of human oversight, late payments, missing invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that reduce and discourage fraudulent activity.
The outdated manual method suffers from insufficient awareness, by which can result in neglecting to identify a segment of liabilities. This could understate operating expenses as well as overstate revenue, which can cause accounting and reporting malfunctions and ultimately fraudulent activity. A/P automation offers an entire audit trail of each and every part of the method, and makes it possible for click here management to quickly fix potential troubles.
Your suppliers prefer a more beneficial payment process. More efficient payments result in discounts and cost savings for you. Whenever you pay your customers by means of virtual card, which is an individual issued credit card for a one-time use, you receive monthly cash rebates. It’s jointly good for Accounts Payable and Accounts Receivable. Your clients experience more efficient, streamlined payments and your A/P Department pivots to a profit generator.
Prevent error, delay, and avoidable costs with an automated A/P process. A/P problems are costly and take many resources to manually handle. With payment automation, you will see where, when and why errors transpired. In contrast to the manual process, with automation you’ll be in a position to systematically address and reduce mistakes to boost quality.
A/P payment automation can help you save cash, earn you extra profit, decrease the risks of fraud, bring your operations better transparency, meet the customers’ demands, and improve the total quality of your A/P processes.