Top Reasons Why You Should Automate Accounts Payable
Even though technology has made Accounts Payable payment automation a standard for a number of businesses, 60 % of companies in the US are not aware of the numerous benefits of A/P automation. Leveraging software programs to utilize the method in manner that is seamless and effortless, listed here are our main five reasons to automate.
Cash Optimization
Accounts Payable automation lets A/P to accurately project its pending cash specifications, therefore getting rid of speculation. With increased transparency from A/P automation, visibility into the process allows your A/P department to concentrate on tasks and things which will impact your department with value added activities.
Improve central controls
A manual A/P process is subject to fraudulent activity. You multiply the challenges of human oversight, late payments, lost invoices, and the dreaded rush invoices. An automated A/P process embeds controls that stop and discourage fraud.
Boost Exposure
The outdated manual practice suffers from lack of awareness, in which can result in neglecting to acknowledge a segment of risks. This may understate expenditures thereby overstate income, that may trigger get more info accounting and reporting irregularities and ultimately fraud. A/P automation provides a whole audit trail of each and every part of the process, and enables management to swiftly solve potential difficulties.
Satisfy Customers
Your vendors would like a more beneficial payment process. More efficient payments result in deals and savings for you. When you pay your clients by way of virtual card, which is a single issued credit card for a one-time use, you receive monthly cash rebates. It’s mutually good for Accounts Payable and Accounts Receivable. Your customers experience more efficient, streamlined payments and your A/P Department pivots to a revenue generator.
Enhance Quality
Avoid error, delay, and unnecessary costs with an automated A/P process. A/P mistakes can be very more info expensive and use up many resources to manually resolve. With payment automation, you see where, when and why problems happened. In contrast to the manual method, with automation you’ll be more info in a position to systematically address and eliminate errors to enhance quality.
A/P payment automation will save you cash, earn you extra earnings, lessen the risks of fraudulent activity, bring your operations increased transparency, fulfill the customers’ needs, and boost the overall quality of your A/P processes.