Top Reasons to Automate Accounts Payable
Even though technology has made Accounts Payable payment automation a standard for a lot of corporations, 60 percent of businesses in the United States are not aware of the countless advantages of A/P automation. Leveraging software to utilize the method in manner that is seamless and convenient, listed here are our top five reasons why you should automate.
Accounts Payable automation lets A/P to accurately project its outstanding cash requirements, accordingly eliminating estimation. With better transparency from A/P automation, visibility into the process allows your A/P department to give attention to activities and things which will impact your department with value add actions.
Enhance central controls
A manual A/P method is subject to fraud. You multiply the risks of human oversight, late payments, missing invoices, and the dreaded rush invoices. An automated A/P process embeds controls that stop and discourage fraud.
The obsolete manual process is affected with insufficient awareness, in which can here result in failing to recognize a segment of liabilities. This could understate expenditures thereby overstate earnings, which could result in accounting and reporting abnormalities and ultimately fraudulent activity. A/P automation produces an entire audit trail of every part of the process, and permits management to rapidly handle possible troubles.
Your suppliers would like a more effective payment method. Easier payments result in discounts and cost savings for you. Whenever you pay your clients with virtual card, which is a single issued card for a one-time use, you receive monthly cash back incentives. It’s mutually beneficial for Accounts Payable and Accounts Receivable. Your customers benefit from more efficient, seamless payments and your A/P Department pivots to a revenue generator.
Prevent error, delay, and pointless costs with an automated A/P process. A/P mistakes are expensive and take many resources to manually remedy. With payment automation, you will see where, when and why faults transpired. In contrast to the manual process, with automation you’ll be in a position to systematically address and reduce issues to enhance quality.
A/P payment automation can save you cash, earn you additional cash, ap automation lessen the risks of fraud, provide your operations increased transparency, satisfy your customers’ demands, and boost the total quality of your A/P processes.