Top Reasons to Automate Accounts Payable
Even though modern technology makes Accounts Payable payment automation simple for numerous businesses, 60 % of organizations in the US do not know of the many advantages of A/P automation. Leveraging software programs to apply the process in manner that is seamless and effortless, here are our top five reasons why you should automate.
Accounts Payable automation lets A/P to accurately project its pending cash specifications, therefore removing uncertainty. With more transparency from A/P automation, awareness into the process allows your A/P department to focus on tasks and priorities that will effect your department with value added actions.
Improve central controls
A manual A/P process is subject to fraud. You increase the pitfalls of human error, late payments, lost invoices, and the dreaded rush invoices. An automated A/P process embeds controls that prevent and discourage fraud.
The outdated manual practice suffers from insufficient visibility, by which can result in neglecting to acknowledge a segment of risks. This can understate operating expenses thereby overstate revenue, which can contribute to accounting and reporting malfunctions and ultimately fraudulent activity. A/P automation provides an entire audit trail of every part of the method, and permits management to promptly handle possible difficulties.
Your suppliers want a more beneficial payment method. More efficient payments result in special discounts and cost savings for you. If you pay your clients by means of virtual card, which is an individual issued credit card for a one-time use, you earn monthly cash rebates. It’s equally good for Accounts Payable and Accounts Receivable. Your clients experience more efficient, streamlined payments and your A/P Department pivots to a revenue generator.
Avoid error, delay, and avoidable costs with an automated A/P process. A/P problems are costly and consume read more many resources to manually clear up. With payment automation, you can see where, when and why mistakes happened. In contrast to the manual method, with automation you’ll be more info in a position to methodically address and reduce problems to boost quality.
A/P payment automation will save you cash, earn you additional cash, lessen the risks of fraudulent activity, provide your operations more transparency, fulfill your customers’ demands, and enrich the overall quality of your A/P processes.