Top Reasons to Automate Accounts Payable
Although technology makes Accounts Payable payment automation a standard for a lot of businesses, 60 percent of corporations in the USA are unaware of the countless benefits associated with A/P automation. Leveraging software to apply the process in manner that is seamless and effortless, listed here are our best 5 reasons why you should automate.
Accounts Payable automation enables A/P to correctly project its pending cash requirements, therefore removing guess work. With more transparency from A/P automation, visibility into the process allows your A/P department to concentrate on tasks and priorities that can impact your department with value added actions.
Improve central controls
A manual A/P process is vulnerable to fraudulent activity. You increase the threats of human oversight, late payments, missing invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that stop and discourage fraud.
The obsolete manual practice suffers from insufficient awareness, by which can result in neglecting to identify a portion of risks. This may understate expenditures thereby overstate revenue, which can result in accounting and reporting abnormalities and ultimately fraud. A/P automation produces an entire audit trail of every step in the process, and permits management to promptly deal with potential problems.
Your suppliers would like a more efficient payment method. More efficient payments result in discounts and savings for you. When you pay your customers by means of virtual card, which is a single issued card for a one-time use, you earn monthly cash rebates. It’s collectively beneficial for Accounts Payable and Accounts Receivable. Your customers experience more efficient, seamless payments and your A/P Department pivots to a cash generator.
Avoid error, delay, and avoidable costs with an automated A/P process. A/P problems can be very more info expensive and use up many resources to manually clear up. With payment automation, you see where, when and why faults happened. Unlike the manual procedure, with automation you’ll be in a position to systematically address and eliminate problems to enhance quality.
A/P payment automation can save you cash, earn you extra income, reduce the risks of fraudulent read more activity, bring your operations increased transparency, satisfy the customers’ needs, and enrich the overall quality of your A/P processes.