Top Reasons Why You Should Automate Accounts Payable
Despite the fact that modern technology makes Accounts Payable payment automation simple for a number of organizations, 60 % of corporations in the US do not know of the numerous advantages to A/P automation. Leveraging software to utilize the process in manner that is seamless and trouble-free, listed here are our main five reasons to automate.
Accounts Payable automation allows A/P to correctly project its pending cash specifications, consequently getting rid of uncertainty. With increased transparency from A/P automation, awareness into the process allows your A/P department to focus on activities and things that will impact your department with value added actions.
Reinforce central controls
A manual A/P method is at risk of fraud. You multiply the risks of human oversight, overdue payments, lost invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that avoid and discourage fraudulent activity.
The outdated manual here method is affected with insufficient awareness, by which can result in failing to acknowledge a part of risks. This may understate operating expenses and therefore overstate income, which can lead to accounting and reporting abnormalities and ultimately fraudulent activity. A/P automation provides a complete audit trail of each and every part of the process, and enables management to rapidly solve potential issues.
Your suppliers would like a more effective payment method. Easier payments result in discounts and cost savings for you. Whenever you pay your customers with virtual card, which is an individual issued credit card for a one-time use, you generate monthly cash back incentives. It’s equally beneficial for Accounts Payable check here and Accounts Receivable. Your customers experience more efficient, streamlined payments and your A/P Department pivots to a profit generator.
Avoid error, delay, and pointless costs with an automated A/P process. A/P mistakes are expensive and use up many resources to manually fix. With payment automation, you see where, when and why mistakes transpired. Unlike the manual procedure, with automation you’ll be able to systematically address and reduce issues to enhance quality.
A/P payment automation can help you save cash, earn you additional revenue, reduce the risks of fraud, bring your operations more transparency, fulfill the customers’ needs, and improve the total quality of your A/P processes.