Top Reasons Why You Should Automate Accounts Payable
Even though technology makes Accounts Payable payment automation indispensable for a number of companies, 60 percent of corporations in the United States do not know of the numerous benefits associated with A/P automation. Leveraging software programs to implement the method in manner that is seamless and trouble-free, here are our top five reasons why you should automate.
Accounts Payable automation lets A/P to accurately project its pending cash requirements, accordingly getting rid of guesswork. With increased transparency from A/P automation, visibility into the system allows your A/P department to deal with activities and priorities that will impact your department with value added activities.
Improve central controls
A manual A/P process is prone to fraud. You add to the pitfalls of human error, late payments, lost invoices, and the dreaded rush invoices. An automated A/P process embeds controls that avoid and discourage fraud.
The obsolete manual process is affected with insufficient visibility, by which can result in neglecting to realize a part of liabilities. This may understate expenditures as well as overstate earnings, that may cause accounting and reporting abnormalities and ultimately fraud. A/P automation produces a complete audit trail of each and every more info step in the process, and allows management to rapidly correct potential troubles.
Your suppliers would like a more effective payment method. Easier payments result in savings and cost savings for you. When you pay your customers by way of virtual credit card, which is an individual issued card for accounts payable solutions a one-time use, you generate monthly cash back incentives. It’s collectively good for Accounts Payable and Accounts Receivable. Your clients benefit from more efficient, seamless payments and your A/P Department pivots to a income generator.
Prevent error, delay, and pointless costs with an automated A/P process. A/P problems are expensive and consume many resources to manually resolve. With payment automation, you see where, when and why issues took place. Unlike the manual process, with automation you’ll be in a position to methodically address and eliminate problems to improve quality.
A/P payment automation will save you cash, earn you extra cash, decrease the risks of fraudulent activity, get your operations greater transparency, satisfy the customers’ needs, and enrich the total quality of your A/P processes.