Top Reasons to Automate Accounts Payable
While tech makes Accounts Payable payment automation indispensable for a number of corporations, 60 percent of businesses in the United States are unaware of the countless advantages of A/P automation. Leveraging software applications to utilize the method in manner that is seamless and easy, listed here are our top 5 reasons why you should automate.
Accounts Payable automation enables A/P to correctly project its pending cash requirements, accordingly getting rid of estimation. With better transparency from A/P automation, awareness into the process allows your A/P department to focus on activities and priorities which will effect your department with value add activities.
Enhance central controls
A manual A/P method is prone to fraud. You raise the risks of human oversight, overdue payments, lost invoices, and the dreaded rush invoices. An automated A/P process embeds controls that avoid and discourage fraud.
The obsolete manual process is affected with insufficient visibility, in which can result in failing to realize a segment of risks. This could understate expenses as well as overstate earnings, which can result in accounting and reporting abnormalities and ultimately fraud. A/P automation produces a whole audit trail of every step in the method, and permits management to quickly correct potential problems.
Your suppliers want a more beneficial payment process. More efficient payments result in special discounts and savings for you. Whenever you read more pay your clients with virtual credit card, which is an individual issued card for a one-time use, you will earn monthly cash back incentives. It’s collectively beneficial for Accounts Payable and Accounts Receivable. Your customers experience more efficient, seamless payments and your A/P Department pivots to a profit generator.
Prevent error, delay, and pointless costs with an automated A/P process. A/P problems are expensive and consume many resources to manually remedy. With payment automation, you see where, when and why issues transpired. Contrary to the manual method, with automation you’ll have the ability to systematically address and reduce problems to enhance quality.
A/P payment automation can save you cash, earn you additional profit, reduce the risks of fraudulent activity, bring your operations greater transparency, fulfill your customers’ demands, and improve the overall quality of your A/P processes.