Top Reasons to Automate Accounts Payable
Although technology makes Accounts Payable payment automation indispensable for a lot of organizations, 60 % of companies in the United States are unaware of the countless benefits of A/P automation. Leveraging software programs to apply the process in manner that is seamless and trouble-free, listed here are our top 5 reasons why you should automate.
Accounts Payable automation allows A/P to accurately project its outstanding cash requirements, accordingly getting rid of estimation. With greater transparency from A/P automation, visibility into the system allows your A/P department to deal with activities and priorities which will effect your department with value added actions.
Strengthen internal controls
A manual A/P process is subject to fraud. You multiply the threats of human oversight, overdue payments, lost invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that reduce and discourage fraud.
The obsolete manual practice is affected with insufficient awareness, by which can result in failing to realize a part of risks. This may understate operating expenses as well as overstate earnings, which could trigger accounting and reporting abnormalities and ultimately fraud. A/P automation provides a total audit trail of every part of the method, and permits management to rapidly handle potential issues.
Your suppliers would like a more effective payment method. Easier payments result in deals and savings for you. If you pay your clients by means of virtual credit card, which is an individual issued card for a one-time use, you will earn monthly cash rebates. It’s mutually good for Accounts Payable and Accounts Receivable. Your customers experience more efficient, seamless payments and your A/P Department pivots to a cash generator.
Avoid error, delay, and needless costs with an automated A/P process. A/P problems website are expensive and take many resources to manually correct. With payment automation, you can see where, when and why faults occurred. In contrast to the manual process, with automation you’ll have the ability to methodically address and eliminate mistakes to boost quality.
A/P payment automation can save you cash, earn you extra cash, reduce the risks of fraud, provide your operations greater transparency, meet your customers’ demands, and advance the total quality of your A/P processes.