Top Reasons to Automate Accounts Payable
Even though modern technology has made Accounts Payable payment automation simple for numerous companies, 60 percent of corporations in the USA are not aware of the numerous benefits of A/P automation. Leveraging software programs to utilize the method in manner that is seamless and effortless, the following are our top 5 reasons why you should automate.
Cash Optimization
Accounts Payable automation allows A/P to correctly project its pending cash requirements, accordingly removing estimation. With greater transparency from A/P automation, visibility into the system allows your A/P department to concentrate on activities and things that can effect your department with value add actions.
Reinforce central controls
A manual A/P process is prone to fraud. You add to the pitfalls of human oversight, overdue payments, missing invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that avoid and discourage fraud.
Improve Awareness
The obsolete manual practice suffers from insufficient visibility, by which can result in neglecting to acknowledge a segment of liabilities. This may understate expenses as well as overstate income, that accounts payable solutions may cause accounting and reporting irregularities and ultimately fraudulent activity. A/P automation delivers a total audit trail of each step in the process, and allows management to quickly correct potential difficulties.
Satisfy Clients
Your vendors would like a more beneficial payment process. More efficient payments result in savings and cost savings for you. When you pay your customers by way of virtual credit card, which is a single issued card for a one-time use, you will earn monthly cash rebates. It’s equally beneficial for Accounts Payable and Accounts Receivable. Your clients experience more efficient, streamlined payments and your A/P Department pivots to a revenue generator.
Enhance Quality
Prevent error, delay, and needless costs with an automated A/P process. A/P check here mistakes may be very costly and consume many resources get more info to manually correct. With payment automation, you see where, when and why errors transpired. Contrary to the manual procedure, with automation you’ll be able to systematically address and eliminate errors to improve quality.
A/P payment automation will save you cash, earn you additional cash, lessen the risks of fraudulent activity, get your operations increased transparency, meet the customers’ needs, and enhance the overall quality of your A/P processes.