Top Reasons Why You Should Automate Accounts Payable
While tech has made Accounts Payable payment automation simple for numerous businesses, 60 percent of businesses in the United States are unaware of the numerous benefits associated with A/P automation. Leveraging software applications to apply the process in manner that is seamless and easy, here are our main five reasons to automate.
Accounts Payable automation allows A/P to accurately project its pending cash requirements, accordingly removing speculation. With increased transparency from A/P automation, visibility into the process allows your A/P department to deal with tasks and priorities which will impact your department with value add activities.
Improve internal controls
A manual A/P method is susceptible to fraud. You increase the risks of human oversight, late payments, lost invoices, and the dreaded rush invoices. An automated A/P process embeds controls that stop and discourage fraudulent activity.
The obsolete manual process is affected with insufficient visibility, get more info in which can result in neglecting to recognize a segment of liabilities. This could understate expenses as well as overstate revenue, which could trigger accounting and reporting abnormalities and ultimately fraudulent activity. A/P automation offers an entire audit trail of every step in the method, and enables management to swiftly fix possible complications.
Your suppliers would like a more efficient payment method. Easier payments result in special offers and cost savings for you. Whenever you pay your clients by means of virtual card, which is a single issued credit card for a one-time use, you generate monthly cash rebates. It’s collectively beneficial for Accounts Payable and Accounts Receivable. Your read more customers experience more efficient, seamless payments and your A/P Department pivots to a income generator.
Prevent error, delay, and pointless costs with an automated A/P process. A/P mistakes may be very costly and consume many resources to manually handle. With payment automation, you will see where, when and why issues transpired. Unlike the manual process, with automation you’ll be able to methodically address and eliminate issues to enhance quality.
A/P payment automation can save you cash, earn you extra revenue, decrease the risks of fraud, get your operations better transparency, meet the customers’ demands, and enhance the overall quality of your A/P processes.