Top Reasons to Automate Accounts Payable
Despite the fact that technology has made Accounts Payable payment automation indispensable for a number of companies, 60 percent of organizations in the US are not aware of the countless benefits associated with A/P automation. Leveraging software to implement the method in manner that is seamless and trouble-free, here are our best five reasons why you should automate.
Accounts Payable automation enables A/P to correctly project its outstanding cash specifications, accordingly removing uncertainty. With greater transparency from A/P automation, awareness into the system allows your A/P department to deal with tasks and priorities that will impact your department with value added actions.
Reinforce internal controls
A manual A/P process is prone to fraud. You increase the challenges of human oversight, overdue payments, missing invoices, and the dreaded rush invoices. An automated A/P process embeds controls that prevent and discourage fraudulent activity.
Capitalize on Awareness
The outdated manual practice suffers from lack of awareness, through which can result in neglecting to recognize a get more info segment of liabilities. This may understate expenditures and therefore overstate revenue, which could lead to accounting and reporting abnormalities and get more info ultimately fraud. A/P automation delivers an entire audit trail of each part of the process, and allows management to swiftly fix possible troubles.
Your vendors want a more beneficial payment method. Easier payments result in deals and cost savings for you. Whenever you pay your clients via virtual credit card, which is an individual issued card for a one-time use, you receive monthly cash back incentives. It’s collectively good for Accounts Payable and Accounts Receivable. Your customers benefit from more efficient, seamless payments and your A/P Department pivots to a profit generator.
Avoid error, delay, and pointless costs with an automated A/P process. A/P errors can be very expensive and take many resources to manually handle. With payment automation, you see where, when and why faults transpired. Unlike the manual method, with automation you’ll be in a get more info position to methodically address and eliminate errors to enhance quality.
A/P payment automation can help you save cash, earn you additional cash, reduce the risks of fraud, bring your operations increased transparency, fulfill your customers’ demands, and enhance the total quality of your A/P processes.