Top Reasons Why You Should Automate Accounts Payable
Even though tech has made Accounts Payable payment automation indispensable for many corporations, 60 % of organizations in the USA are unaware of the countless advantages of A/P automation. Leveraging software to utilize the process in manner that is seamless and trouble-free, listed here are our best five reasons to automate.
Accounts Payable automation enables A/P to correctly project its pending cash specifications, consequently getting rid of speculation. With better transparency from A/P automation, visibility into the system allows your A/P department to focus on tasks and things that can impact your department with value add activities.
Reinforce central controls
A manual A/P method is prone to fraudulent activity. You add to the pitfalls of human oversight, overdue payments, lost invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that reduce and discourage fraudulent activity.
The outdated manual process suffers from lack of awareness, through which can result in neglecting to realize a portion of liabilities. This may understate expenses as well as overstate revenue, which could result in accounting and reporting abnormalities and ultimately fraud. A/P automation delivers an entire audit trail of each part of the process, and allows management to rapidly fix possible complications.
Your suppliers would like a more effective payment process. More efficient payments result in discount rates and cost savings for you. When you pay your more info clients via virtual card, which is an individual issued card for a one-time use, you receive monthly cash back incentives. It’s collectively good for Accounts Payable and Accounts Receivable. Your clients benefit from more efficient, streamlined payments and your A/P Department pivots to a cash generator.
Prevent error, delay, and needless costs with an automated A/P process. A/P mistakes are costly and consume many resources to manually clear up. With payment automation, you will see get more info where, when and why issues occurred. Unlike the manual process, 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 here you extra income, reduce the risks of fraudulent activity, provide your operations better transparency, fulfill your customers’ needs, and boost the overall quality of your A/P processes.