Top Reasons Why You Should Automate Accounts Payable
Despite the fact that tech has made Accounts Payable payment automation indispensable for a lot of businesses, 60 % of corporations in the United States are not aware of the numerous advantages to A/P automation. Leveraging software to implement the method in manner that is seamless and trouble-free, here are our top five reasons why you should automate.
Accounts Payable automation lets A/P to accurately project its pending cash requirements, therefore getting rid of estimation. With more transparency from A/P automation, awareness into the system allows your A/P department to focus on activities and priorities that will effect your department with value add actions.
Strengthen central controls
A manual A/P process is susceptible to fraud. You increase the challenges of human error, overdue payments, lost invoices, and the dreaded rush invoices. An automated A/P process embeds controls that reduce and deter fraudulent activity.
Capitalize on Visibility
The outdated manual method is affected with insufficient visibility, through which can result in neglecting to acknowledge a segment of risks. This could understate operating expenses thereby overstate income, which could lead to accounting and reporting abnormalities and ultimately fraud. A/P automation offers a complete audit trail of each and every step in the method, and permits management to quickly deal with potential difficulties.
Your suppliers want a more effective payment process. Easier payments result in special discounts and savings for you. When you pay your clients with virtual credit 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, streamlined payments and your A/P Department pivots to a income generator.
Avoid error, delay, and needless costs with an automated A/P process. A/P errors are costly and take many resources to manually clear up. With get more info payment automation, you see where, when and why errors took place. In contrast to the manual process, with automation you’ll be able to methodically address and reduce issues to boost quality.
A/P payment automation will save you cash, earn you extra cash, decrease the risks of fraud, bring your operations greater transparency, meet your customers’ demands, and enhance the total quality of your A/P processes.