Top Reasons Why You Should Automate Accounts Payable
Despite the fact that technology makes Accounts Payable payment automation simple for many companies, 60 % of corporations in the US are not aware of the many advantages of A/P automation. Leveraging software applications to implement the method in manner that is seamless and easy, here are our main five reasons to automate.
Accounts Payable automation lets A/P to correctly project its outstanding cash specifications, accordingly getting rid of guesswork. With better transparency from A/P automation, visibility into the process allows your A/P department to concentrate on tasks and things which will impact your department with value add actions.
Strengthen internal controls
A manual A/P process is vulnerable to fraud. You increase the risks of human error, overdue payments, lost invoices, and the dreaded rush invoices. An automated A/P process embeds controls that reduce and discourage fraud.
The obsolete manual method suffers from lack of awareness, wherein can result in failing to identify a part of risks. This may understate operating expenses thereby overstate revenue, which can contribute to accounting and reporting irregularities and ultimately fraud. A/P automation provides a whole audit trail of each and every part of the method, and allows management to rapidly deal with possible problems.
Your suppliers would like a more beneficial payment method. read more Easier payments result in special offers and cost savings for you. When you pay your customers by means of virtual card, which is an individual issued card for a one-time use, you earn monthly cash back incentives. It’s equally beneficial for Accounts Payable and Accounts Receivable. Your customers experience more efficient, seamless payments and your A/P Department pivots to a revenue generator.
Avoid error, delay, and needless 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 mistakes transpired. Unlike the manual method, with automation you’ll be in a position to methodically address and get rid of problems website to improve quality.
A/P payment automation can help you save cash, earn you additional income, decrease the risks of fraudulent activity, provide your operations better transparency, meet your customers’ needs, website and enrich the overall quality of your A/P processes.