Top Reasons Why You Should Automate Accounts Payable
Even though technology makes Accounts Payable payment automation indispensable for a number of businesses, 60 % of companies in the US are not aware of the numerous advantages of A/P automation. Leveraging software to implement the method in manner that is seamless and easy, the following are our best 5 reasons to automate.
Accounts Payable automation lets A/P to correctly project its pending cash requirements, accordingly removing estimation. With more transparency from A/P automation, awareness into the process allows your A/P department to focus on tasks and things that will impact your department with value added actions.
Improve central controls
A manual A/P method is at risk of fraudulent activity. You raise the risks of human error, overdue payments, missing invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that prevent and discourage fraud.
Capitalize on Awareness
The obsolete manual method suffers from insufficient awareness, through which can result in neglecting to acknowledge a segment of risks. This could understate operating expenses thereby overstate earnings, which can contribute to accounting and reporting malfunctions and get more info ultimately fraudulent activity. A/P automation provides an entire audit trail of every step in the method, and enables management to quickly solve possible complications.
Your suppliers want a more beneficial payment process. More here efficient payments result in special discounts and savings for you. Whenever you pay your clients with virtual credit card, which is an individual issued credit card for a one-time use, you will earn monthly cash back incentives. It’s mutually beneficial for Accounts Payable and Accounts Receivable. Your customers experience more efficient, seamless payments and your A/P Department pivots to a profit generator.
Avoid error, delay, and avoidable costs with an automated A/P process. A/P here mistakes may be very costly and take many resources to manually solve. With payment automation, you can see where, when and why mistakes occurred. Contrary to the manual procedure, with automation you’ll have the ability to systematically address and eliminate issues to improve quality.
A/P payment automation can save you cash, earn you additional cash, lessen the risks of fraudulent activity, get your operations increased transparency, satisfy your customers’ needs, and advance the overall quality of your A/P processes.