Top Reasons Why You Should Automate Accounts Payable
Despite the fact that tech makes Accounts Payable payment automation simple for numerous businesses, 60 percent of companies in the USA are not aware of the countless advantages of A/P automation. Leveraging software applications to implement the method in manner that is seamless and convenient, the following are our main 5 reasons to automate.
Cash Optimization
Accounts Payable automation enables A/P to correctly project its pending cash specifications, accordingly eliminating guess work. With better transparency from A/P automation, awareness into the process allows your A/P department to concentrate on tasks and priorities that can impact your department with value add actions.
Improve central controls
A manual A/P process is vulnerable to fraudulent activity. You multiply the risks of human error, overdue payments, missing invoices, and the dreaded rush invoices. An automated A/P process embeds controls that prevent and deter fraudulent activity.
Boost Exposure
The outdated manual method is affected with insufficient awareness, wherein can result in failing to acknowledge a portion of liabilities. This could understate operating expenses and therefore overstate income, which could contribute to accounting and reporting irregularities and ultimately fraud. A/P automation provides a whole audit trail of each and every part of the method, and allows management to rapidly deal with possible problems.
Satisfy Clients
Your vendors would like a more beneficial payment process. Easier payments result in special discounts and savings for you. When you pay your clients with virtual credit card, which is an individual issued card for a one-time use, you generate monthly cash rebates. It’s mutually beneficial for Accounts Payable and Accounts Receivable. Your clients experience more efficient, streamlined payments and your A/P Department pivots to a revenue generator.
Enhance Quality
Prevent error, delay, and unneeded costs with an automated A/P process. A/P errors are expensive and consume many resources to manually solve. With payment automation, you see where, when and why mistakes occurred. Contrary to the manual process, 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 additional earnings, reduce the risks of fraudulent activity, bring your click here operations better transparency, fulfill the customers’ demands, and advance the overall quality of your A/P processes.