Top Reasons Why You Should Automate Accounts Payable
Despite the fact that technology makes Accounts Payable payment automation simple for numerous companies, 60 % of companies in the United States do not know of the numerous advantages of A/P automation. Leveraging software programs to utilize the method 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 correctly project its outstanding cash specifications, therefore removing guess work. With better transparency from A/P automation, visibility into the process allows your A/P department to focus on tasks and things that can effect your department with value add activities.
Strengthen central controls
A manual A/P method is susceptible to fraudulent activity. You add to the threats of human oversight, late payments, missing invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that prevent and deter fraud.
The obsolete manual method website is affected with insufficient awareness, wherein can result in failing 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 produces a whole audit trail of every part of the process, and allows management to swiftly fix possible troubles.
Your vendors want a more effective payment process. Easier payments result in discounts and savings for you. Whenever you pay your clients by way of virtual credit card, which is a single issued credit more info card for a one-time use, you earn monthly cash rebates. It’s jointly beneficial for Accounts Payable and Accounts Receivable. Your clients experience more efficient, streamlined payments and your A/P Department pivots to a cash generator.
Avoid error, delay, and avoidable costs with an automated A/P process. A/P errors can be very expensive and take many resources to manually handle. With payment automation, you see where, when and why mistakes took place. Contrary to the manual procedure, with automation you’ll be able to methodically address and reduce mistakes to improve quality.
A/P payment automation can help you save cash, earn you extra profit, lessen the risks check here of fraudulent activity, bring your operations greater transparency, meet your customers’ demands, and boost the overall quality of your A/P processes.