Top Reasons Why You Should Automate Accounts Payable
Although modern technology makes Accounts Payable payment automation indispensable for a lot of organizations, 60 % of businesses in the US are not aware of the countless benefits of A/P automation. Leveraging software to apply the method in manner that is seamless and convenient, listed here are our top 5 reasons why you should automate.
Accounts Payable automation lets A/P to correctly project its pending cash requirements, consequently getting rid of speculation. With better transparency from A/P automation, visibility into the process allows your A/P department to concentrate on activities and priorities that will effect your department with value add activities.
Reinforce central controls
A manual A/P process is vulnerable to fraudulent activity. You increase the risks of human oversight, overdue payments, lost invoices, and the dreaded rush invoices. An automated A/P process embeds controls that put a stop to and discourage fraud.
Capitalize on Exposure
The outdated manual practice is affected with lack of awareness, by which can result in failing to acknowledge a portion of risks. This may understate expenditures thereby overstate earnings, that may cause accounting and reporting irregularities and ultimately fraudulent activity. A/P automation offers a total audit trail of each step in the process, and enables management to more info promptly handle possible difficulties.
Your vendors prefer a more effective payment process. Easier payments result in special offers and cost savings for you. Whenever you pay your customers with virtual card, which is a single issued credit card for a one-time use, you generate monthly cash back incentives. It’s jointly good for Accounts Payable and Accounts Receivable. Your clients experience more efficient, streamlined payments and your A/P Department pivots to a cash generator.
Avoid error, delay, and pointless costs with an automated A/P process. A/P mistakes can be very expensive and consume many resources to manually remedy. With payment automation, you see where, when and why mistakes took place. Contrary to the manual method, with automation you’ll have the ability to methodically address and eliminate mistakes to boost quality.
A/P payment automation can save you cash, earn you extra income, reduce the risks of fraud, get your operations better transparency, meet the customers’ demands, and boost the total quality of your A/P processes.