Top Reasons to Automate Accounts Payable
Despite the fact that technology makes Accounts Payable payment automation a standard for a lot of companies, 60 percent of businesses in the US are unaware of the countless benefits associated with A/P automation. Leveraging software to apply the process in manner that is seamless and effortless, here are our major 5 reasons why you should automate.
Accounts Payable automation enables A/P to accurately project its pending cash specifications, consequently removing guesswork. With better transparency from A/P automation, awareness into the system allows your A/P department to give attention to tasks and things that can impact your department with value added activities.
Strengthen internal controls
A manual A/P process is susceptible to fraud. You add to the risks of human error, overdue payments, lost invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that stop and discourage fraudulent activity.
The obsolete get more info manual practice suffers from insufficient awareness, through which can result in failing to identify a part of risks. This could understate expenses thereby overstate revenue, which could lead to accounting and reporting malfunctions and ultimately fraud. A/P automation produces a total audit trail of every step in the process, and lets management to promptly solve possible difficulties.
Your suppliers prefer a more effective payment method. More efficient payments result in discounts and cost savings for you. When you pay your customers with virtual card, which is an individual issued card for a one-time use, you receive monthly cash back incentives. It’s jointly good for Accounts Payable and Accounts Receivable. Your customers experience more efficient, seamless payments and your A/P Department pivots to a revenue generator.
Prevent error, delay, and pointless costs with an automated A/P process. A/P problems can be very expensive and use up here many resources to manually correct. With payment automation, you can see where, when and why problems transpired. Unlike the manual process, with automation you’ll have the ability to methodically address and eliminate mistakes to improve quality.
A/P payment automation can help you save cash, earn you additional revenue, reduce the risks of fraudulent activity, provide website your operations greater transparency, fulfill the customers’ needs, and advance the total quality of your A/P processes.