Top Reasons Why You Should Automate Accounts Payable
While modern technology makes Accounts Payable payment automation simple for a lot of businesses, 60 % of corporations in the US do not know of the many advantages of A/P automation. Leveraging software programs to utilize the process in manner that is seamless and effortless, here are our top five reasons to automate.
Cash Optimization
Accounts Payable automation allows A/P to correctly project its pending cash specifications, accordingly eliminating guesswork. With greater transparency from A/P automation, awareness into the system allows your A/P department to give attention to activities and priorities that can impact your department with value added activities.
Strengthen central controls
A manual A/P process is subject to fraudulent activity. You multiply the pitfalls of human oversight, overdue payments, lost invoices, and the dreaded rush invoices. An automated A/P process embeds controls that avoid and deter fraud.
Optimize Awareness
The outdated manual method suffers from lack of awareness, by which can result check here in neglecting to recognize a part of risks. This can understate operating expenses as well as overstate income, which could lead to accounting and reporting irregularities and ultimately fraud. A/P automation produces an entire audit trail of each and every step in the method, and enables management to rapidly resolve possible troubles.
Satisfy Customers
Your vendors prefer a more efficient payment process. Easier payments result in discount rates and savings for you. When you pay your clients with virtual credit card, which is an individual issued credit card for a one-time use, you receive monthly cash back incentives. It’s mutually good for Accounts Payable and Accounts Receivable. Your customers experience more efficient, seamless payments and your A/P Department pivots to a profit generator.
Enhance Quality
Avoid error, delay, and unneeded costs with an automated A/P process. A/P mistakes can be very expensive and use up many resources to manually remedy. With payment automation, you will see where, when and why problems took place. In contrast to the manual process, with automation you’ll have the ability to systematically address and accounts payable solutions reduce issues to boost quality.
A/P payment automation can save you cash, earn you extra cash, lessen the risks of fraudulent activity, get your operations greater transparency, fulfill your customers’ needs, and enrich the overall quality of your A/P processes.