Top Reasons to Automate Accounts Payable
While technology has made Accounts Payable payment automation a standard for a number of organizations, 60 % of businesses in the United States are not aware of the countless advantages of A/P automation. Leveraging software programs to apply the process in manner that is seamless and effortless, here are our major five reasons why you should automate.
Accounts Payable automation lets A/P to accurately project its outstanding cash specifications, accordingly eliminating uncertainty. With greater transparency from A/P automation, awareness into the system allows your A/P department to concentrate on activities and things that will effect your department with value added activities.
Enhance central controls
A manual A/P process is subject to fraudulent activity. You increase the challenges of human error, overdue payments, missing invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that put a stop to and deter fraud.
The outdated manual process suffers from insufficient awareness, wherein can result in failing to acknowledge a portion of risks. This can understate operating expenses thereby overstate income, that may contribute to accounting and reporting abnormalities and ultimately fraud. A/P click here automation delivers a whole audit trail of each step in the method, and permits management to quickly handle possible difficulties.
Your vendors prefer a more effective payment process. Easier payments result in savings and cost savings for you. If you pay your customers by means of virtual credit card, which is a single issued card for a one-time use, you earn monthly cash rebates. It’s equally good for Accounts Payable and Accounts Receivable. Your clients experience more efficient, seamless payments and your A/P Department pivots to a revenue generator.
Avoid error, delay, and unneeded costs with an automated A/P process. A/P mistakes may be very costly and take many resources to manually fix. With payment automation, you will see where, when and why faults transpired. Contrary to the manual procedure, with automation you’ll be able to methodically address and reduce problems to boost quality.
A/P payment automation can help you save cash, earn you extra revenue, reduce the risks of fraud, provide your operations accounts payable automation better transparency, satisfy the customers’ demands, and enrich the overall quality of your A/P processes.