Top Reasons Why You Should Automate Accounts Payable
Despite the fact that modern technology has made Accounts Payable payment automation a standard for a number of companies, 60 % of businesses in the US are not aware of the many advantages of A/P automation. Leveraging software programs to implement the method in manner that is seamless and easy, here are our major five reasons to automate.
Accounts Payable automation enables A/P to correctly project its outstanding cash requirements, therefore removing uncertainty. With better transparency from A/P automation, visibility into the process allows your A/P department to focus on tasks and things that will impact your department with value added actions.
Strengthen central controls
A manual A/P method is susceptible to fraudulent activity. You increase the pitfalls of human error, overdue payments, lost invoices, and the dreaded rush invoices. An automated A/P process embeds controls that put a stop to and discourage fraudulent activity.
Capitalize on Exposure
The obsolete manual method is affected with insufficient visibility, by which can result in failing to acknowledge a portion of liabilities. This may understate expenses and therefore overstate revenue, which could result in accounting and reporting irregularities and ultimately fraudulent activity. A/P automation offers a complete audit trail of each and every part of the process, and makes it possible for management to promptly resolve possible complications.
Your suppliers prefer a more effective payment process. More efficient payments result in special offers and savings for you. When you pay your clients by way of virtual credit card, which is an individual issued credit card for a one-time use, you receive monthly cash rebates. It’s jointly beneficial for Accounts Payable and Accounts Receivable. Your clients benefit from more efficient, seamless payments and your A/P Department pivots to a income generator.
Avoid error, delay, and avoidable costs with an automated A/P process. A/P mistakes are expensive and use up many resources to manually correct. With payment automation, you can see where, when and why errors happened. In contrast to the manual method, with automation you’ll be in website a position to methodically address and get rid of issues to increase quality.
A/P payment automation can help you save cash, more info earn you additional earnings, lessen the risks of fraudulent activity, bring your operations increased transparency, fulfill your customers’ demands, and advance the overall quality of your A/P processes.