Top Reasons Why You Should Automate Accounts Payable
Even though tech has made Accounts Payable payment automation simple for a number of companies, 60 percent of businesses in the USA are not aware of the countless advantages of A/P automation. Leveraging software programs to utilize the method in manner that is seamless and trouble-free, the following are our major five reasons why you should automate.
Accounts Payable automation allows A/P to correctly project its pending cash specifications, consequently getting rid of estimation. With increased transparency from A/P automation, awareness into the process allows your A/P department to focus on activities and things which will effect your department with value added activities.
Improve internal controls
A manual A/P method is susceptible to fraud. You add to the challenges of human oversight, late payments, lost invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that put a stop to and discourage fraud.
Capitalize on Exposure
The obsolete manual process is affected with lack of visibility, wherein can result in neglecting to realize a portion of liabilities. This can understate expenses and therefore overstate earnings, that may contribute to accounting and reporting irregularities and ultimately fraudulent activity. A/P automation provides a total audit trail of every step in the process, and enables management to promptly get more info solve possible here problems.
Your suppliers would like a more efficient payment process. More efficient payments result in special discounts and savings for you. Whenever you pay your clients via virtual card, which is an individual issued credit card for a one-time use, you receive monthly cash rebates. It’s equally good for Accounts Payable and Accounts Receivable. Your clients experience more efficient, streamlined payments and your A/P Department pivots to a revenue generator.
Prevent error, delay, and avoidable costs with an automated A/P process. A/P errors are costly and take many resources to manually remedy. With payment automation, you see where, when and why errors took place. Unlike the manual process, with automation you’ll be able to methodically address and get rid of mistakes to improve quality.
A/P payment automation can save you cash, earn you additional revenue, lessen the risks of fraudulent activity, bring your operations greater transparency, meet the customers’ demands, and advance the total quality of your A/P processes.