Top Reasons Why You Should Automate Accounts Payable
Even though tech makes Accounts Payable payment automation a standard for a number of organizations, 60 % of companies in the US do not know of the countless advantages to A/P automation. Leveraging software programs to implement the process in manner that is seamless and effortless, here are our major 5 reasons why you should automate.
Accounts Payable automation allows A/P to correctly project its outstanding cash requirements, accordingly getting rid of guesswork. With increased transparency from A/P automation, awareness into the process allows your A/P department to deal with activities and priorities that can effect your department with value add activities.
Enhance central controls
A manual A/P process is prone to fraud. You increase the risks of human oversight, late payments, lost invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that put a stop to and deter fraudulent activity.
The outdated manual method suffers from lack of visibility, by which can result in neglecting to recognize a portion of risks. This could understate expenses as well as overstate earnings, which could result in accounting and reporting irregularities and ultimately fraudulent activity. A/P automation offers a complete audit trail of each part of the method, and allows management to swiftly solve potential complications.
Your suppliers would like a more beneficial click here payment process. Easier payments result in discounts and savings for you. When you pay your customers by way of virtual card, which is a single issued credit card for a one-time use, you generate monthly cash rebates. It’s mutually good for Accounts Payable and Accounts Receivable. Your clients benefit from more efficient, streamlined payments and your A/P Department pivots to a income generator.
Prevent error, delay, and needless costs with an automated A/P process. A/P errors can be very expensive and use up many resources to manually correct. With payment automation, you can see where, when and more info why mistakes happened. Unlike the manual procedure, with automation you’ll be in a position to methodically address and eliminate issues to enhance quality.
A/P payment automation can save you cash, earn you additional income, lessen the risks of click here fraudulent activity, bring your operations more transparency, meet your customers’ needs, and enrich the total quality of your A/P processes.