Top Reasons to Automate Accounts Payable
While tech has made Accounts Payable payment automation simple for a number of businesses, 60 percent of corporations in the USA do not know of the numerous benefits associated with A/P automation. Leveraging software to implement the method in manner that is seamless and trouble-free, here are our major five reasons why you should automate.
Cash Optimization
Accounts Payable automation lets A/P to accurately project its outstanding cash specifications, accordingly removing estimation. With increased transparency from A/P automation, visibility into the process allows your A/P department to concentrate on activities and things which will impact your department with value added activities.
Strengthen central controls
A manual A/P process is prone to fraud. You add to the threats of human error, overdue payments, missing invoices, and the dreaded rush invoices. An automated A/P process embeds controls that avoid and deter fraudulent activity.
Increase Awareness
The outdated manual method suffers from insufficient visibility, through which can result in neglecting to identify more info a portion of risks. This may understate expenses and therefore overstate revenue, which could trigger accounting and reporting malfunctions and ultimately fraud. A/P automation produces a total audit trail of each part of the process, and lets management to rapidly deal with possible issues.
Please Clients
Your vendors prefer a more effective payment process. More efficient payments result in discounts and savings for you. Whenever you pay your clients via virtual card, which is a single issued credit card for a one-time use, you will earn monthly cash rebates. It’s collectively good for Accounts Payable and Accounts Receivable. Your clients experience more efficient, seamless payments and your A/P Department pivots to a income generator.
Enhance Quality
Prevent error, delay, and pointless costs with an automated A/P process. A/P errors are expensive and use up many resources to manually clear up. With payment automation, you can see where, more info when and why mistakes happened. In contrast to the manual method, with automation you’ll be in a position to methodically address and reduce issues to boost quality.
A/P payment automation will save you cash, earn you additional cash, lessen the risks of fraudulent activity, provide your operations more transparency, fulfill your customers’ demands, and enrich the overall quality of your A/P processes.