Top Reasons to Automate Accounts Payable
Even though technology has made Accounts Payable payment automation simple for many businesses, 60 % of businesses in the USA do not know of the countless benefits associated with A/P automation. Leveraging software to apply the process in manner that is seamless and easy, the following are our major five reasons why you should automate.
Accounts Payable automation enables A/P to correctly project its outstanding cash specifications, therefore getting rid of guesswork. With more transparency from A/P automation, visibility into the process allows your A/P department to give attention to activities and things which will effect your department with value added actions.
Strengthen central controls
A manual A/P process is subject to fraudulent activity. You add to the threats of human oversight, overdue payments, missing invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that avoid and discourage fraud.
The outdated manual practice is affected with lack of visibility, in which can result in failing to realize a segment of risks. This could understate expenditures as well as overstate income, which could cause accounting and reporting malfunctions and ultimately fraudulent activity. A/P automation produces a total audit trail of every step in the method, and enables management to rapidly solve potential complications.
Your suppliers would like a more beneficial payment process. Easier payments result in deals and savings for you. Whenever you pay your customers with virtual card, which is a single issued card for a one-time use, you generate monthly cash rebates. It’s equally good for Accounts Payable and Accounts Receivable. get more info Your clients 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 mistakes are expensive and use up many resources to manually resolve. With payment automation, you will see where, when and why errors happened. In contrast to the manual method, with automation you’ll have the ability to methodically address and get rid of issues to enhance quality.
A/P payment automation can help you save cash, earn you extra income, reduce the risks of fraudulent activity, provide your operations more transparency, fulfill your customers’ demands, and advance the total quality of your A/P processes.