Top Reasons to Automate Accounts Payable
Despite the fact that tech makes Accounts Payable payment automation a standard for a number of corporations, 60 % of corporations in the United States are not aware of the countless advantages of A/P automation. Leveraging software applications to apply the process in manner that is seamless and trouble-free, here are our best 5 reasons why you should automate.
Accounts Payable automation enables A/P to accurately project its pending cash specifications, therefore removing guess work. With greater transparency from A/P automation, awareness into the system allows your A/P department to concentrate on activities and things which will impact your department with value added activities.
Strengthen central controls
A manual A/P process is prone to fraud. You raise the pitfalls of human error, late payments, lost invoices, and the dreaded rush invoices. An automated A/P process embeds controls that prevent and discourage fraudulent activity.
The outdated manual method suffers from insufficient visibility, through which can result in neglecting to realize a portion of risks. This can understate expenditures and therefore overstate revenue, which can contribute to accounting and reporting malfunctions and ultimately fraudulent activity. A/P automation provides an entire audit trail of each part of the process, and lets management to quickly deal with possible troubles.
Your suppliers want a more beneficial payment method. More efficient payments result in discount rates and cost savings for you. If you pay your customers by means of virtual credit card, which is an individual issued credit card for a one-time use, you earn monthly cash rebates. It’s equally good for Accounts Payable 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 click here an website automated A/P process. A/P problems are costly and consume many resources to manually correct. With payment automation, you see where, when and why issues occurred. Unlike the manual process, with automation you’ll have the ability to systematically address and get rid of mistakes to enhance quality.
A/P payment automation can help you save cash, earn you additional cash, reduce the risks of fraud, bring your operations greater transparency, meet the customers’ needs, and advance the total quality of your A/P processes.