Top Reasons Why You Should Automate Accounts Payable
Although tech has made Accounts Payable payment automation indispensable for a number of businesses, 60 percent of corporations in the USA do not know of the countless benefits of A/P automation. Leveraging software to apply the process in manner that is seamless and trouble-free, here are our main five reasons to automate.
Cash Optimization
Accounts Payable automation lets A/P to accurately project its pending cash specifications, therefore eliminating guess work. With better transparency from A/P automation, visibility into the process allows your A/P department to focus on tasks and things which will impact your department with value add activities.
Strengthen central controls
A manual A/P process is subject to fraudulent activity. You increase the risks of human error, overdue payments, lost invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that avoid and discourage fraudulent activity.
Optimize Exposure
The obsolete manual method suffers from lack of awareness, wherein can result in failing to acknowledge a segment of liabilities. This may understate expenditures as well as overstate income, which can trigger accounting and reporting more info abnormalities and ultimately fraudulent activity. A/P automation delivers a complete audit trail of each step in the method, and permits management to quickly resolve potential issues.
Please Customers
Your vendors prefer a more effective payment process. More efficient payments result in savings and savings for you. Whenever you pay website your clients by way of virtual credit card, which is a single issued credit card for a one-time use, you will earn monthly cash rebates. It’s jointly beneficial for Accounts Payable and Accounts Receivable. Your customers experience more efficient, seamless payments and your A/P Department pivots to a revenue generator.
Improve Quality
Prevent error, delay, and needless costs with an automated A/P process. A/P mistakes may be very costly and consume many resources to manually remedy. With payment automation, you can see where, when and why problems transpired. Unlike the manual procedure, with automation you’ll be able to systematically address and get rid of issues to improve quality.
A/P payment automation can save you cash, earn you extra earnings, lessen the risks of fraudulent activity, provide your operations greater transparency, meet get more info your customers’ demands, and enrich the overall quality of your A/P processes.