Top Reasons Why You Should Automate Accounts Payable
Despite the fact that tech has made Accounts Payable payment automation indispensable for a lot of businesses, 60 % of organizations in the US do not know of the many benefits of A/P automation. Leveraging software applications to apply the method in manner that is seamless and trouble-free, here are our top five reasons to automate.
Accounts Payable automation allows A/P to correctly project its pending cash requirements, accordingly getting rid of uncertainty. With increased transparency from A/P automation, awareness into the system allows your A/P department to give attention to activities and things that can effect your department with value add activities.
Improve central controls
A manual A/P method is vulnerable to fraudulent activity. You raise the threats of human error, late payments, lost invoices, and the dreaded rush invoices. An automated A/P process embeds controls that put a stop to and discourage fraud.
Capitalize on Awareness
The obsolete manual method suffers from insufficient awareness, through which can result in neglecting to realize a portion of risks. This can understate expenditures and therefore overstate get more info earnings, which can trigger accounting and reporting irregularities and ultimately fraudulent activity. A/P automation delivers a whole audit trail of every step in the method, and enables management to promptly fix possible difficulties.
Your vendors want a more beneficial payment method. Easier payments result in savings and cost savings for you. When you pay your customers by means of virtual card, which is a single issued card for a one-time use, you receive monthly cash rebates. It’s equally good for Accounts Payable here and Accounts Receivable. Your clients experience more efficient, seamless payments and your A/P Department pivots to a revenue generator.
Avoid error, delay, and avoidable costs with an automated A/P process. A/P problems are expensive and use up many resources to manually remedy. With payment automation, you see where, when and why errors happened. In contrast to the manual method, with automation you’ll be in a position to methodically address and reduce problems to boost quality.
A/P payment automation will save you cash, earn you additional cash, lessen the risks of fraudulent activity, get your operations more transparency, fulfill your customers’ demands, and improve the overall quality of your A/P processes.