Top Reasons Why You Should Automate Accounts Payable
Although technology has made Accounts Payable payment automation simple for numerous organizations, 60 percent of corporations in the USA do not know of the many benefits associated with A/P automation. Leveraging software to implement the method in manner that is seamless and effortless, here are our top 5 reasons to automate.
Accounts Payable automation allows A/P to correctly project its outstanding cash requirements, accordingly removing estimation. With more transparency from A/P automation, awareness into the system allows your A/P department to deal with tasks and priorities which will effect your department with value add activities.
Improve central controls
A manual A/P process is subject to fraud. You raise the risks of human error, late payments, lost invoices, and the dreaded rush invoices. An automated A/P process embeds controls that put a stop to and discourage fraudulent activity.
The outdated manual practice suffers from lack of awareness, in which can result more info in neglecting to acknowledge a segment of risks. This can understate accounts payable automation expenditures as well as overstate revenue, which can trigger accounting and reporting irregularities and ultimately fraudulent activity. A/P automation delivers a total audit trail of each part of the method, and enables management to rapidly deal with possible issues.
Your suppliers would like a more effective payment process. Easier payments result in special discounts and savings for you. When you pay your clients with virtual card, which is a single issued card for a one-time use, you earn monthly cash back incentives. It’s equally beneficial for Accounts Payable and Accounts Receivable. Your clients benefit from more efficient, seamless payments and your A/P Department pivots to a income generator.
Avoid error, delay, and avoidable costs with an automated A/P process. A/P errors can be very expensive and consume many resources to manually solve. With payment automation, you see where, when and why problems occurred. Unlike the manual method, with automation you’ll be in a position to methodically address and read more reduce errors to increase quality.
A/P payment automation can save you cash, earn you additional income, lessen the risks of fraudulent activity, provide your operations better transparency, meet the customers’ needs, and improve the total quality of your A/P processes.