Top Reasons Why You Should Automate Accounts Payable
Although modern technology makes Accounts Payable payment automation simple for a lot of businesses, 60 % of corporations in the United States are not aware of the numerous advantages to A/P automation. Leveraging software to implement the method in manner that is seamless and trouble-free, the following are our top 5 reasons why you should automate.
Cash Optimization
Accounts Payable automation allows A/P to accurately project its pending cash requirements, consequently getting rid of guess work. With better transparency from A/P automation, visibility into the system allows your A/P department to deal with tasks and things which will impact your department with value added actions.
Reinforce internal controls
A manual A/P process is prone to fraud. You raise the threats of human oversight, late payments, lost invoices, and the dreaded rush invoices. An automated A/P process embeds controls that reduce and deter fraud.
Improve Awareness
The outdated manual practice suffers from lack of awareness, wherein can result in failing to identify a portion of liabilities. This could understate operating expenses and therefore overstate earnings, which can contribute to accounting and reporting malfunctions and ultimately fraud. A/P automation offers an entire audit trail of each part of the process, and lets management to swiftly handle potential complications.
Satisfy Clients
Your suppliers want a more efficient payment method. Easier payments result in special offers and savings for you. If you pay your customers by means of virtual credit card, get more info which is a single issued card for a one-time use, you will earn monthly cash rebates. It’s equally good for Accounts Payable and Accounts Receivable. Your customers benefit from more efficient, seamless payments and your A/P Department pivots to a income here generator.
Enhance Quality
Prevent error, delay, and unnecessary costs with an automated A/P process. A/P mistakes may be very costly and take many resources to manually handle. With payment automation, you will see where, when and why mistakes took place. Contrary to the manual process, here with automation you’ll be able to systematically address and reduce errors to improve quality.
A/P payment automation can help you save cash, earn you additional profit, lessen the risks of fraudulent activity, provide your operations better transparency, satisfy the customers’ demands, and enrich the total quality of your A/P processes.