Top Reasons to Automate Accounts Payable
Although modern technology makes Accounts Payable payment automation simple for numerous corporations, 60 % of corporations in the US do not know of the numerous advantages to A/P automation. Leveraging software to implement the process in manner that is seamless and effortless, here are our main five reasons to automate.
Cash Optimization
Accounts Payable automation allows A/P to correctly project its pending cash specifications, accordingly eliminating estimation. With better transparency from A/P automation, awareness into the process allows your A/P department to focus on tasks and priorities which will effect your department with value add activities.
Enhance internal controls
A manual A/P process is prone to fraudulent activity. You raise the challenges of human error, overdue payments, lost invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that put a stop to and discourage fraudulent activity.
Improve Exposure
The outdated manual process suffers from lack of awareness, in which can result in neglecting to recognize a portion of liabilities. This can understate expenses and therefore overstate revenue, that may lead to accounting and reporting irregularities and ultimately fraudulent activity. A/P automation produces an entire audit trail of each and every step in the process, and allows management to quickly solve possible problems.
Please Customers
Your suppliers prefer a more effective payment method. More efficient payments result in special offers and cost savings for you. When you pay your clients by means of virtual credit card, which is a single issued card for a one-time use, you will earn monthly cash rebates. It’s collectively good for Accounts Payable and Accounts Receivable. website Your clients experience more efficient, streamlined payments and here your A/P Department pivots to a cash generator.
Enhance Quality
Avoid error, delay, and pointless costs with an automated A/P process. A/P errors may be very costly and consume many resources to manually resolve. With payment automation, you will see where, when and why issues occurred. Unlike the manual process, with automation you’ll have the ability to methodically address and get rid of problems to increase quality.
A/P payment automation will save you cash, earn you additional cash, lessen the risks of fraudulent activity, get your operations increased transparency, meet the customers’ needs, and enhance the overall quality of your A/P processes.