Top Reasons to Automate Accounts Payable
Despite the fact that tech makes Accounts Payable payment automation indispensable for a number of organizations, 60 % of businesses in the United States are not aware of the countless benefits associated with A/P automation. Leveraging software programs to utilize the method in manner that is seamless and convenient, here are our best 5 reasons why you should automate.
Accounts Payable automation allows A/P to correctly project its outstanding cash requirements, accordingly getting rid of speculation. With greater transparency from A/P automation, visibility into the system allows your A/P department to give attention to tasks and priorities that can impact your department with value add actions.
Improve central controls
A manual A/P method is susceptible to fraud. You multiply the risks of human error, late payments, lost invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that reduce and discourage fraud.
The outdated manual process is affected with insufficient visibility, more info by which can result in failing to identify a part of risks. get more info This could understate expenditures thereby overstate revenue, which can lead to accounting and reporting abnormalities and ultimately fraudulent activity. A/P automation provides an entire audit trail of each and every step in the method, and makes it possible for management to rapidly solve possible difficulties.
Your suppliers would like a more effective payment method. More efficient payments result in savings and savings for you. When you pay your customers 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 collectively good for Accounts Payable and Accounts Receivable. Your customers experience more efficient, streamlined payments and your A/P Department pivots to a income generator.
Prevent error, delay, and avoidable costs with an automated A/P process. A/P problems are costly and use up many resources to manually correct. With payment automation, you will see where, when and why errors occurred. Contrary to the manual procedure, with automation you’ll be able to systematically address and get rid of mistakes to improve quality.
A/P payment automation can save you cash, earn you additional cash, lessen the risks of fraudulent activity, get your operations greater transparency, fulfill your customers’ demands, and improve the total quality of your A/P processes.