Top Reasons to Automate Accounts Payable
Despite the fact that technology makes Accounts Payable payment automation indispensable for many businesses, 60 percent of organizations in the United States are not aware of the numerous advantages of A/P automation. Leveraging software programs to utilize the process in manner that is seamless and easy, here are our best 5 reasons why you should automate.
Accounts Payable automation allows A/P to accurately project its pending cash specifications, therefore eliminating speculation. With increased transparency from A/P automation, awareness into the system allows your A/P department to give attention to tasks and priorities that can impact your department with value add actions.
Enhance internal controls
A manual A/P process is at risk of fraudulent activity. You increase the challenges of human error, late 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The outdated manual process suffers from insufficient visibility, by which can result in neglecting to recognize a portion of liabilities. This could understate expenditures and therefore overstate revenue, which could trigger accounting and reporting malfunctions and ultimately fraud. A/P automation provides an entire audit trail of every step in the method, and lets management click here to quickly solve possible troubles.
Your suppliers check here want a more beneficial payment method. Easier payments result in deals and savings for you. Whenever you pay your clients by means of virtual card, which is an individual issued card for a one-time use, you will earn monthly cash rebates. It’s mutually beneficial for Accounts Payable and Accounts Receivable. Your clients experience more efficient, seamless payments and your A/P Department pivots to a income generator.
Avoid error, delay, and pointless costs with an automated A/P process. A/P errors may be very costly and use up many resources to manually resolve. With payment automation, you can see where, when and why faults transpired. Contrary to the manual procedure, with automation you’ll have the ability to systematically address and eliminate mistakes to enhance quality.
A/P payment automation can help you save cash, earn you extra profit, decrease the risks of fraudulent activity, get your operations increased transparency, fulfill your customers’ demands, and improve the total quality of your A/P processes.