Top Reasons Why You Should Automate Accounts Payable
Despite the fact that modern technology has made Accounts Payable payment automation a standard for a lot of companies, 60 percent of corporations in the US do not know of the countless advantages of A/P automation. Leveraging software programs to utilize the process in manner that is seamless and effortless, listed here are our best 5 reasons why you should automate.
Accounts Payable automation lets A/P to accurately project its pending cash requirements, accordingly removing guesswork. With greater transparency from A/P automation, visibility into the system allows your A/P department to concentrate on activities and priorities that will impact your department with value add activities.
Enhance central controls
A manual A/P process is at risk of fraudulent activity. You increase the challenges of human error, late payments, lost invoices, and the dreaded rush invoices. An automated A/P process embeds controls that avoid and discourage fraudulent activity.
The obsolete manual method suffers from lack of awareness, through which can result in neglecting to recognize a part of risks. This could understate expenses as well as overstate earnings, that may trigger accounting and reporting malfunctions and ultimately fraudulent activity. A/P automation provides an entire audit trail of each here part of the process, and allows management to rapidly solve possible difficulties.
Your suppliers would like a more efficient payment process. More check here efficient payments result in deals and cost savings for you. If you pay your customers by way of virtual card, which is a single issued card for a one-time use, you receive monthly cash back incentives. It’s collectively good for Accounts Payable and Accounts Receivable. Your customers experience more efficient, seamless payments and your A/P Department pivots to a revenue generator.
Avoid error, delay, and pointless costs with an automated A/P process. A/P errors are expensive and use up many resources to manually clear up. With payment automation, you can see where, when and why errors took place. In contrast to the manual procedure, with automation you’ll be able to systematically address and reduce issues to boost quality.
A/P payment automation will save you cash, earn you additional revenue, reduce the risks of fraudulent activity, provide your operations more transparency, fulfill your customers’ needs, and improve the total quality of your A/P processes.