Top Reasons to Automate Accounts Payable
Despite the fact that modern technology has made Accounts Payable payment automation simple for a lot of corporations, 60 percent of businesses in the USA are not aware of the numerous advantages of A/P automation. Leveraging software programs to implement the method in manner that is seamless and easy, listed here are our major five reasons why you should automate.
Accounts Payable automation lets A/P to accurately project its pending cash specifications, accordingly getting rid of guess work. With increased transparency from A/P automation, visibility into the process allows your A/P department to deal with activities and things that can effect your department with value added actions.
Enhance central controls
A manual A/P method is vulnerable to fraud. You increase the issues of human error, overdue payments, lost 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The outdated manual process is affected with lack of visibility, through which can result in failing to realize a portion of risks. This can understate operating expenses as well as overstate income, that may contribute to accounting and reporting malfunctions and ultimately fraudulent activity. A/P automation delivers a complete audit trail of each and every part of the process, and allows management to swiftly correct potential issues.
Your suppliers would like a more efficient payment method. Easier payments result in special discounts and cost savings for you. If you pay your clients by means of check here virtual card, which is a single issued card for a one-time use, you generate monthly cash rebates. It’s equally good for Accounts Payable and Accounts Receivable. Your customers benefit from more efficient, streamlined payments and your A/P Department pivots to a revenue generator.
Prevent error, delay, and unnecessary read more costs with an automated A/P process. A/P errors are expensive and consume many resources to manually correct. With payment automation, you will see where, when and why problems took place. Unlike the manual method, with automation you’ll have the ability to systematically address and get rid of problems to improve quality.
A/P payment automation can help you save cash, earn you extra cash, reduce the risks of fraud, get your operations increased transparency, meet your customers’ needs, and advance the overall quality of your A/P processes.