Top Reasons to Automate Accounts Payable
Although technology makes Accounts Payable payment automation simple for a lot of companies, 60 % of corporations in the US are unaware of the countless advantages of A/P automation. Leveraging software applications to implement the process in manner that is seamless and effortless, the following are our main 5 reasons to automate.
Cash Optimization
Accounts Payable automation enables A/P to correctly project its pending cash requirements, therefore removing speculation. With greater transparency from A/P automation, awareness into the system allows your A/P department to give attention to activities and priorities that can impact your department with value add activities.
Enhance internal controls
A manual A/P method is susceptible to fraud. You multiply the challenges of human error, overdue payments, missing invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that avoid and discourage fraud.
Improve Exposure
The obsolete manual process suffers from insufficient visibility, through which can result in failing to realize a segment of risks. This more info can understate expenses as well as overstate income, which can trigger accounting and reporting abnormalities and ultimately fraudulent activity. A/P automation produces read more a total audit trail of each and every step in the process, and lets management to promptly handle potential complications.
Satisfy Customers
Your suppliers prefer a more efficient payment process. Easier payments result in discount rates and savings for you. When you pay your clients by means of virtual credit card, which is an individual issued card for a one-time use, you earn monthly cash back incentives. It’s jointly good for Accounts Payable and Accounts Receivable. Your customers experience more efficient, seamless payments and your A/P Department pivots to a income generator.
Enhance Quality
Prevent error, delay, and unnecessary costs with an automated A/P process. A/P mistakes are expensive and consume many resources to manually solve. With payment automation, you see where, when and why faults happened. Contrary to the manual method, with automation you’ll be able to methodically address and eliminate issues to increase quality.
A/P payment automation can help you save cash, earn you extra cash, decrease the risks of fraud, provide your operations increased transparency, satisfy your customers’ demands, and advance the overall quality of your A/P processes.