Top Reasons to Automate Accounts Payable
Even though tech makes Accounts Payable payment automation simple for a lot of companies, 60 percent of businesses in the US do not know of the numerous benefits associated with A/P automation. Leveraging software programs to apply the method in manner that is seamless and easy, listed here are our best five reasons to automate.
Cash Optimization
Accounts Payable automation allows A/P to accurately project its outstanding cash specifications, accordingly getting rid of estimation. With greater transparency from A/P automation, visibility into the process allows your A/P department to deal with tasks and priorities that will impact your department with value add activities.
Reinforce central controls
A manual A/P method is susceptible to fraud. You multiply the threats of human oversight, overdue payments, lost invoices, and the dreaded rush invoices. An automated A/P process embeds controls that reduce and deter fraud.
Improve Awareness
The outdated manual process is affected with insufficient visibility, wherein can result in failing to acknowledge a portion of liabilities. This could understate expenditures thereby overstate income, which can result in accounting and reporting abnormalities and ultimately fraud. A/P automation delivers an entire audit trail of every step in the process, and enables management to promptly deal with potential complications.
Satisfy Clients
Your vendors prefer a more effective payment process. Easier payments result in discounts and savings for you. Whenever you pay your clients via virtual card, which is a single issued credit card for a one-time use, you will earn monthly cash rebates. It’s collectively beneficial for Accounts Payable and Accounts Receivable. Your customers click here benefit from more efficient, streamlined payments and your A/P Department pivots to a cash generator.
Enhance Quality
Prevent error, delay, and pointless costs with an automated A/P process. A/P problems are expensive and take many resources to manually handle. With payment automation, you see where, when and why errors happened. In contrast to the manual process, with automation you’ll have the ability to systematically address and eliminate issues to boost quality.
A/P payment automation will save you cash, earn you extra revenue, lessen the risks of fraudulent activity, bring your operations better transparency, fulfill your customers’ needs, and enrich the overall quality check here of click here your A/P processes.