Top Reasons to Automate Accounts Payable
Although technology makes Accounts Payable payment automation a standard for numerous corporations, 60 % of companies in the US are unaware of the many benefits associated with A/P automation. Leveraging software to utilize the method in manner that is seamless and easy, the following are our best five reasons why you should automate.
Cash Optimization
Accounts Payable automation allows A/P to accurately project its pending cash requirements, accordingly getting rid of uncertainty. With better transparency from A/P automation, awareness into the system allows your A/P department to focus on activities and priorities that will impact your department with value add activities.
Strengthen central controls
A manual A/P method is prone to fraud. You increase the risks of human oversight, overdue payments, missing invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that avoid and discourage fraudulent activity.
Capitalize on Awareness
The outdated manual method suffers from lack of awareness, by which can result in failing to realize a segment of risks. This could understate expenses as well as overstate revenue, that may contribute to accounting and reporting abnormalities and ultimately fraud. A/P automation delivers an entire audit trail of each and every step in the method, and enables management to promptly correct potential difficulties.
Satisfy Clients
Your suppliers want a more efficient payment method. Easier payments result in special offers and savings for you. If you pay your customers with virtual card, which is an individual issued credit card for a one-time use, you generate monthly cash rebates. It’s equally beneficial for Accounts Payable and Accounts Receivable. Your customers benefit from more efficient, streamlined payments and your A/P Department pivots to a cash generator.
Enhance Quality
Avoid error, delay, and pointless costs with an automated A/P check here process. A/P problems are costly and use up many resources to manually fix. With payment automation, you see where, when and why mistakes happened. Contrary to the manual procedure, with automation you’ll have the ability to systematically address and get rid of mistakes to boost quality.
A/P payment automation can save you cash, earn you extra income, website reduce the risks of fraud, bring your operations greater transparency, meet your customers’ needs, and improve the total quality of your A/P processes.