Top Reasons to Automate Accounts Payable
Although technology makes Accounts Payable payment automation a standard for numerous businesses, 60 % of companies in the USA are unaware of the numerous benefits of A/P automation. Leveraging software to implement the method in manner that is seamless and convenient, here are our major five reasons why you should automate.
Cash Optimization
Accounts Payable automation lets A/P to accurately project its outstanding cash specifications, accordingly removing uncertainty. With more transparency from A/P automation, awareness into the process allows your A/P department to focus on tasks and priorities that will effect your department with value add actions.
Reinforce internal controls
A manual A/P method is vulnerable to fraudulent activity. You raise the issues of human error, overdue payments, missing invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that reduce and deter fraudulent activity.
Enhance Visibility
The obsolete manual process is affected with lack of awareness, in which can result in failing to realize a portion of risks. This can understate expenditures and therefore overstate earnings, which can trigger accounting and reporting irregularities and ultimately fraudulent activity. A/P automation provides an entire audit trail of every part of the method, and permits management to promptly fix possible difficulties.
Please Clients
Your suppliers want a more beneficial payment process. More efficient payments result in discounts and savings for you. Whenever you pay your clients read more via virtual credit card, which is a single issued card for a one-time use, you receive monthly cash back incentives. It’s mutually beneficial for Accounts Payable and Accounts Receivable. Your customers experience more efficient, seamless payments and your A/P Department pivots to a profit generator.
Enhance Quality
Prevent error, delay, and needless costs with an automated A/P process. A/P mistakes can be very expensive and take many resources to manually fix. With payment automation, you will see where, when and why faults transpired. Contrary to the manual procedure, with automation you’ll ap solutions be able to systematically address and eliminate errors to improve quality.
A/P payment automation can save you cash, earn you additional revenue, lessen the risks of fraudulent activity, provide your operations more transparency, fulfill your customers’ demands, and enrich the overall quality of your A/P processes.