Top Reasons to Automate Accounts Payable
Even though tech makes Accounts Payable payment automation a standard for numerous corporations, 60 % of corporations in the United States are not aware of the countless benefits associated with A/P automation. Leveraging software programs to utilize the process in manner that is seamless and easy, listed here are our best 5 reasons why you should automate.
Accounts Payable automation enables A/P to correctly project its pending cash requirements, therefore getting rid of guesswork. With greater transparency from A/P automation, awareness into the process allows your A/P department to concentrate on tasks and things that will impact your department with value added actions.
Improve central controls
A manual A/P process is prone to fraud. You raise the issues of human error, late payments, lost invoices, and the dreaded rush invoices. An automated A/P process embeds controls that stop and discourage fraud.
The obsolete manual process is affected with lack of visibility, by which can result in neglecting to realize a read more portion of liabilities. This may understate expenses thereby overstate revenue, which can trigger accounting and reporting irregularities and ultimately fraud. A/P automation offers a complete audit trail of every step in the process, and makes it possible for management to quickly deal with possible issues.
Your suppliers want a more effective payment method. More efficient payments result in special discounts and savings for you. When you pay your customers by means of virtual card, which is a single issued credit card for a one-time use, you earn monthly cash rebates. It’s mutually good for Accounts Payable and Accounts Receivable. Your clients experience more efficient, streamlined payments and your A/P Department pivots to a income generator.
Prevent error, delay, and pointless costs with an automated A/P process. A/P problems may be very costly and use up many resources to manually clear up. With payment automation, you see where, when and why faults took place. In contrast to the manual process, with automation you’ll be able to methodically address and get rid of errors to boost quality.
A/P payment automation will save you cash, earn you extra revenue, decrease the risks of fraud, provide your operations more transparency, meet the customers’ demands, and advance the overall quality of your A/P processes.