Top Reasons Why You Should Automate Accounts Payable
While tech makes Accounts Payable payment automation a standard for a lot of corporations, 60 percent of companies in the US do not know of the countless advantages of A/P automation. Leveraging software programs to implement the process in manner that is seamless and trouble-free, listed here are our major five reasons why you should automate.
Cash Optimization
Accounts Payable automation lets A/P to accurately project its pending cash requirements, therefore getting rid of estimation. With more transparency from A/P automation, visibility into the system allows your A/P department to focus on activities and priorities that will impact your department with value add activities.
Enhance internal controls
A manual A/P method is vulnerable to fraud. You add to the pitfalls 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 process is affected with insufficient visibility, in which can result in neglecting to realize a segment of risks. This may understate expenses as well as overstate income, which could lead to accounting and reporting abnormalities and ultimately fraudulent activity. A/P automation delivers a total audit trail of each part of the process, and makes it possible for management to rapidly correct possible issues.
Satisfy Clients
Your vendors want a more effective payment method. Easier payments result in discounts and cost savings for you. If you pay your customers via virtual card, which is a single issued credit card for a one-time use, you receive monthly cash rebates. accounts payable automation It’s collectively beneficial for Accounts Payable read more and Accounts Receivable. Your clients benefit from more efficient, seamless payments and your A/P Department pivots to a cash generator.
Enhance Quality
Avoid error, delay, and unneeded costs with an automated A/P process. A/P errors are expensive and consume many resources to manually solve. With payment automation, you see where, when and why problems transpired. Unlike the manual process, with automation you’ll have the ability to methodically address and eliminate problems to boost quality.
A/P payment automation can help you save check here cash, earn you additional revenue, decrease the risks of fraudulent activity, bring your operations increased transparency, meet the customers’ needs, and advance the total quality of your A/P processes.