Top Reasons Why You Should Automate Accounts Payable
While technology has made Accounts Payable payment automation simple for a lot of businesses, 60 percent of organizations in the United States do not know of the countless advantages to A/P automation. Leveraging software programs to implement the process in manner that is seamless and trouble-free, listed here are our major 5 reasons why you should automate.
Cash Optimization
Accounts Payable automation lets A/P to accurately project its outstanding cash specifications, consequently getting rid of guesswork. With greater transparency from A/P automation, awareness into the process allows your A/P department to focus on tasks and priorities which will impact your department with value added activities.
Reinforce central controls
A manual A/P process is at risk of fraudulent activity. You multiply the risks of human error, overdue payments, missing invoices, and the dreaded rush invoices. An automated A/P process embeds controls that put a stop to and deter fraudulent activity.
Boost Exposure
The outdated manual method read more is affected with lack of visibility, through which can result in neglecting to realize a part of risks. This may understate expenditures thereby overstate revenue, that may cause accounting and reporting malfunctions and ultimately fraud. A/P automation offers an entire audit trail of every step in the process, and permits management to swiftly handle potential troubles.
Satisfy Clients
Your suppliers want a more effective payment process. Easier payments result in discounts and cost savings for you. Whenever you pay your clients via virtual credit card, which is an individual issued credit card for a one-time use, you generate monthly cash rebates. It’s jointly beneficial for Accounts Payable and Accounts Receivable. Your clients experience more efficient, seamless payments and your A/P Department pivots to a cash generator.
Enhance Quality
Avoid error, delay, and avoidable costs with an automated A/P process. A/P mistakes may be very costly and take many resources to manually resolve. With payment automation, you can see where, when and why errors transpired. Contrary to the manual method, with automation you’ll have the ability to systematically address and reduce problems to increase quality.
A/P payment automation can help you save cash, earn you additional cash, decrease the risks of fraud, provide your operations more transparency, meet the customers’ demands, and advance the overall quality of your A/P processes.