Top Reasons to Automate Accounts Payable
While modern technology makes Accounts Payable payment automation a standard for numerous businesses, 60 % of companies in the US are not aware of the numerous benefits of A/P automation. Leveraging software programs to apply the process in manner that is seamless and convenient, the following are our top 5 reasons why you should automate.
Accounts Payable automation enables A/P to correctly project its pending cash requirements, therefore getting rid of uncertainty. With increased transparency from A/P automation, visibility into the system allows your A/P department to deal with activities and priorities which will impact your department with value added activities.
Strengthen central controls
A manual A/P method is subject to fraud. You raise the pitfalls of human oversight, overdue payments, missing invoices, and the dreaded rush invoices. An automated A/P process embeds controls that avoid and deter fraud.
The outdated manual process suffers from lack of visibility, in which can result in failing to acknowledge a part of liabilities. This can understate expenditures thereby overstate earnings, which could cause accounting and reporting malfunctions and ultimately fraudulent activity. A/P automation produces accounts payable solutions a complete audit trail of each and every step in the method, and allows management to swiftly resolve possible problems.
Your suppliers prefer a more beneficial payment method. More efficient payments result in special offers and savings for you. Whenever you pay your clients by means of virtual card, which is a single issued card for a one-time use, you will earn monthly cash back incentives. It’s collectively beneficial for Accounts Payable and Accounts Receivable. Your customers experience more efficient, click here streamlined payments and your A/P Department pivots to a revenue generator.
Avoid error, delay, and unneeded costs with an automated A/P process. A/P problems are costly and consume many resources to manually fix. With payment automation, you can see where, when and why errors transpired. In contrast to the manual method, with automation you’ll be able to systematically address and eliminate errors to enhance quality.
A/P payment automation will save you cash, earn you additional revenue, decrease the risks of fraud, bring your operations better transparency, satisfy your customers’ needs, and improve the total quality of your A/P processes.