Top Reasons to Automate Accounts Payable
Although technology makes Accounts Payable payment automation indispensable for a number of companies, 60 % of companies in the USA are unaware of the many benefits of A/P automation. Leveraging software programs to utilize the method in manner that is seamless and effortless, here are our top five reasons why you should automate.
Accounts Payable automation allows A/P to correctly project its pending cash requirements, consequently eliminating guess work. With better transparency from A/P automation, visibility into the process allows your A/P department to concentrate on tasks and priorities that can impact your department with value added actions.
Improve central controls
A manual A/P method is subject to fraud. You raise the threats of human error, late payments, missing invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that stop and deter fraudulent activity.
The obsolete manual practice is affected with insufficient visibility, wherein can result in neglecting to realize a portion of liabilities. This could understate expenditures thereby overstate income, which could result in accounting and reporting irregularities and ultimately fraud. A/P automation delivers a complete audit trail of every part of the method, and makes it possible for management to quickly deal with potential difficulties.
Your vendors want a more efficient payment process. More efficient payments result in savings and savings for you. Whenever you pay your customers by way of virtual card, which is a single issued credit card for a one-time use, you generate monthly cash back incentives. It’s mutually beneficial for Accounts Payable and Accounts get more info Receivable. Your clients experience more efficient, seamless payments more info and your A/P Department pivots to a income generator.
Prevent error, delay, and needless costs with an automated A/P process. A/P mistakes are costly and consume many resources to manually resolve. With payment automation, you can see where, when and why faults occurred. Unlike the manual process, with automation you’ll have the ability to systematically address and reduce errors to improve quality.
A/P payment automation can help you save cash, earn you extra earnings, reduce the risks of fraud, provide your operations better transparency, satisfy your customers’ demands, and improve the total quality of your A/P processes.