Top Reasons to Automate Accounts Payable
Despite the fact that modern technology makes Accounts Payable payment automation simple for a lot of organizations, 60 percent of businesses in the USA do not know of the countless advantages to A/P automation. Leveraging software applications to apply the method in manner that is seamless and convenient, listed here are our best 5 reasons why you should automate.
Accounts Payable automation lets A/P to correctly project its outstanding cash requirements, accordingly eliminating guess work. With more transparency from A/P automation, awareness into the process allows your A/P department to give attention to activities and things that can effect your department with value added activities.
Improve central controls
A manual A/P method is prone to fraudulent activity. You add to the challenges of human error, late payments, missing invoices, and the dreaded rush invoices. An automated A/P process embeds controls that put a stop to and discourage fraud.
The obsolete manual method suffers from lack of visibility, wherein can result in failing to identify a segment of risks. This can understate expenditures thereby overstate revenue, which could result in accounting and reporting abnormalities and ultimately fraud. A/P automation produces a complete audit trail of each and every part of the process, and permits management to quickly resolve potential issues.
Your vendors would like a more efficient payment method. More efficient payments result in deals and cost savings for you. When you pay your customers by way of virtual card, which is a single here issued card for a one-time use, you earn monthly cash rebates. It’s equally good for Accounts Payable and Accounts Receivable. Your customers benefit from more efficient, seamless payments and your A/P Department pivots to a income generator.
Prevent error, delay, and unnecessary costs with an automated A/P process. A/P mistakes may be very costly and consume many resources to manually solve. With payment automation, you will see where, when and why faults transpired. Contrary to the manual method, with automation you’ll have the ability check here to systematically address and reduce problems to increase quality.
A/P payment automation can help you save cash, earn you extra earnings, decrease the risks of fraud, provide here your operations greater transparency, satisfy your customers’ demands, and enrich the overall quality of your A/P processes.