Top Reasons to Automate Accounts Payable
Despite the fact that technology makes Accounts Payable payment automation indispensable for a lot of businesses, 60 percent of companies in the USA are not aware of the many advantages of A/P automation. Leveraging software programs to apply the method in manner that is seamless and convenient, the following are our main 5 reasons why you should automate.
Accounts Payable automation lets A/P to accurately project its outstanding cash requirements, therefore removing guesswork. With greater transparency from A/P automation, awareness into the system allows your A/P department to focus on activities and priorities that can impact your department with value added actions.
Strengthen central controls
A manual A/P method is susceptible to fraudulent activity. You raise the issues of human oversight, late payments, lost invoices, and the dreaded rush invoices. An automated A/P process embeds controls that prevent and discourage fraud.
The obsolete manual method is affected with lack of visibility, in which can result in neglecting to acknowledge a portion of risks. This may understate expenditures as well as overstate income, which could result in accounting and reporting malfunctions and ultimately fraudulent activity. A/P automation delivers a ap automation total audit trail of here each and click here every part of the process, and permits management to promptly fix possible problems.
Your suppliers want a more effective payment process. Easier payments result in deals and cost savings for you. Whenever you pay your clients by way of virtual credit card, which is an individual issued credit card for a one-time use, you earn monthly cash rebates. It’s mutually beneficial for Accounts Payable and Accounts Receivable. Your customers experience more efficient, seamless payments and your A/P Department pivots to a profit generator.
Prevent error, delay, and pointless costs with an automated A/P process. A/P problems may be very costly and take many resources to manually resolve. With payment automation, you see where, when and why errors occurred. Contrary to the manual procedure, with automation you’ll be in a position to systematically address and eliminate errors to boost quality.
A/P payment automation will save you cash, earn you extra cash, decrease the risks of fraud, provide your operations more transparency, meet the customers’ demands, and improve the total quality of your A/P processes.