Top Reasons to Automate Accounts Payable
Even though technology has made Accounts Payable payment automation a standard for numerous corporations, 60 % of companies in the USA are unaware of the many advantages of A/P automation. Leveraging software programs to utilize the process in manner that is seamless and easy, the following are our major 5 reasons why you should automate.
Accounts Payable automation lets A/P to accurately project its pending cash requirements, accordingly removing guess work. With better 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 activities.
Strengthen central controls
A manual A/P process is subject to fraud. You increase the challenges of human oversight, late payments, missing invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that avoid and deter fraudulent activity.
The obsolete manual practice is affected with lack of visibility, in which can result in neglecting to acknowledge a segment of risks. This can understate expenses thereby overstate revenue, which can contribute to accounting and reporting malfunctions and ultimately fraudulent activity. A/P automation delivers a total audit trail of each step in the process, and lets management to swiftly correct potential problems.
Your suppliers would like a more beneficial payment process. More efficient payments result in savings and cost savings for you. If you get more info pay your customers with virtual card, which is an individual issued card for a one-time use, you will 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 cash generator.
Prevent error, delay, and avoidable costs with an automated A/P process. A/P errors are expensive and take many resources to manually clear up. With payment automation, you will see where, when and why problems occurred. In contrast to the manual procedure, with automation you’ll have the ability to methodically address and eliminate problems to improve quality.
A/P payment automation will save you cash, earn you additional earnings, lessen the risks of fraudulent activity, provide your operations increased transparency, satisfy the customers’ needs, and boost the total quality of your A/P processes.