Top Reasons to Automate Accounts Payable
Despite the fact that technology has made Accounts Payable payment automation indispensable for numerous companies, 60 % of businesses in the USA do not know of the countless benefits associated with A/P automation. Leveraging software programs to apply the process in manner that is seamless and effortless, here are our main 5 reasons to automate.
Accounts Payable automation enables A/P to correctly project its outstanding cash specifications, accordingly removing guess work. With greater transparency from A/P automation, visibility into the process allows your A/P department to focus on tasks and things which will impact your department with value added actions.
Enhance internal controls
A manual A/P process is at risk of fraud. You raise the threats of human error, overdue payments, lost invoices, and the dreaded rush invoices. An automated A/P process embeds controls that stop and discourage fraud.
Capitalize on Awareness
The outdated manual process suffers from lack of visibility, wherein can result in neglecting to realize a part of risks. This may understate operating expenses and therefore overstate income, which can cause accounting and reporting malfunctions and ultimately fraudulent activity. A/P automation offers an entire audit trail of each and every part of the method, and makes it possible for management to quickly solve potential problems.
Your suppliers prefer a more beneficial payment process. Easier payments result in savings and savings for you. When you pay your clients with virtual card, which is an individual issued credit card for a one-time use, you earn monthly cash back incentives. It’s jointly good for Accounts Payable and Accounts Receivable. Your customers benefit from more efficient, streamlined payments and your A/P Department pivots to a profit generator.
Avoid error, delay, and unneeded costs with an automated A/P process. A/P errors may be very costly and consume many resources to manually solve. With payment automation, you will see where, when and why errors took place. Unlike the manual method, with automation you’ll be in a position to systematically address and reduce errors to enhance quality.
A/P payment automation will save you cash, earn you additional revenue, decrease the risks of fraudulent activity, bring your operations more transparency, satisfy your customers’ demands, read more and boost the total quality of your A/P processes.