Top Reasons to Automate Accounts Payable
Despite the fact that modern technology makes Accounts Payable payment automation simple for a lot of organizations, 60 percent of corporations in the United States are not aware of the numerous benefits of A/P automation. Leveraging software to apply the method in manner that is seamless and trouble-free, here are our best five reasons why you should automate.
Cash Optimization
Accounts Payable automation lets A/P to correctly project its pending cash requirements, therefore removing uncertainty. With increased transparency from A/P automation, visibility into the system allows your A/P department to give attention to activities and things that 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 oversight, late payments, missing invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that reduce and discourage fraud.
Maximize Awareness
The outdated manual method is affected with lack of visibility, by which can result in neglecting to realize a portion of liabilities. This may understate check here expenses thereby overstate revenue, which can result in accounting and reporting malfunctions and ultimately fraudulent activity. A/P automation delivers a whole audit trail of each and every step in the process, and lets management to promptly fix possible problems.
Satisfy Customers
Your suppliers want a more effective 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 generate monthly cash rebates. It’s collectively beneficial for Accounts Payable and Accounts Receivable. Your customers experience more efficient, streamlined payments and your A/P Department pivots to a profit generator.
Improve Quality
Prevent error, delay, and avoidable costs with an automated A/P process. A/P errors are costly and use up many resources to manually fix. With payment automation, you see where, when and why problems occurred. In contrast to the manual procedure, with automation you’ll be able to methodically address and reduce mistakes to increase quality.
A/P payment automation can save you cash, earn you extra profit, reduce the risks of fraud, get your operations better transparency, meet your customers’ demands, and advance the total quality of your A/P processes.