Top Reasons Why You Should Automate Accounts Payable
Despite the fact that modern technology has made Accounts Payable payment automation indispensable for a lot of companies, 60 percent of businesses in the United States do not know of the many advantages to A/P automation. Leveraging software programs to utilize the process in manner that is seamless and trouble-free, here are our major 5 reasons to automate.
Accounts Payable automation enables A/P to accurately project its outstanding cash specifications, consequently getting rid of guess work. With greater transparency from A/P automation, awareness into the process allows your A/P department to deal with activities and things which will effect your department with value add actions.
Improve central controls
A manual A/P process is vulnerable to fraudulent activity. You multiply the risks of human error, overdue payments, missing invoices, and the dreaded rush invoices. An automated A/P process embeds controls that prevent and deter fraudulent activity.
Capitalize on Visibility
The outdated manual practice suffers from insufficient awareness, wherein can result in failing to acknowledge a segment of risks. This may understate expenditures as well as overstate income, which can trigger accounting and reporting irregularities and ultimately fraud. A/P automation offers an entire audit trail of every step in the method, and makes it possible for management to rapidly deal with possible issues.
Your vendors would like a more beneficial payment process. Easier payments result in savings and cost savings for you. If you pay your clients via virtual card, which is a single issued card for a one-time use, you earn monthly cash rebates. It’s collectively beneficial for Accounts Payable and Accounts Receivable. Your customers benefit from more efficient, streamlined payments and your A/P Department pivots to a revenue generator.
Prevent error, delay, and unnecessary costs with an automated A/P process. A/P errors are costly and consume many resources to manually handle. With payment automation, you will see where, when and why faults took place. In contrast to the manual method, with automation click here you’ll have the ability to systematically address and eliminate problems to improve quality.
A/P payment automation will save you cash, earn you additional profit, decrease the risks of fraud, bring your operations better transparency, satisfy your customers’ demands, and improve the total quality of your A/P processes.