Top Reasons Why You Should Automate Accounts Payable
While tech has made Accounts Payable payment automation indispensable for a number of companies, 60 percent of companies in the US are not aware of the many advantages of A/P automation. Leveraging software programs to utilize the method in manner that is seamless and convenient, the following are our top 5 reasons to automate.
Cash Optimization
Accounts Payable automation allows A/P to accurately project its outstanding cash specifications, therefore removing speculation. With better transparency from A/P automation, visibility into the system allows your A/P department to deal with tasks and things that can effect your department with value add actions.
Enhance 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 avoid and deter fraudulent activity.
Increase Awareness
The obsolete manual method is affected with insufficient awareness, wherein can result in failing to recognize a segment of risks. This can understate expenditures thereby overstate income, that may cause accounting and reporting abnormalities and ultimately fraud. A/P automation offers an entire audit trail of every step in the process, and enables management to swiftly resolve possible issues.
Satisfy Customers
Your vendors would like a more beneficial payment process. Easier payments result in special discounts and savings for you. If you pay your clients by way of virtual card, which is a single issued credit card for a one-time use, you will earn monthly cash back incentives. It’s collectively beneficial for Accounts Payable and Accounts Receivable. Your clients benefit from more efficient, streamlined payments and your A/P Department pivots to a profit generator.
Improve Quality
Prevent error, delay, and pointless costs with an automated A/P process. A/P mistakes are costly and consume many resources to manually fix. With payment automation, you can see where, click here when and why errors transpired. In contrast to the manual procedure, with automation you’ll have the ability to methodically address and eliminate click here problems to improve quality.
A/P payment automation can help you save cash, earn you additional profit, reduce the risks of fraud, get your operations better transparency, meet your customers’ demands, and advance the total quality of your A/P processes.