Top Reasons Why You Should Automate Accounts Payable
While modern technology makes Accounts Payable payment automation simple for a lot of businesses, 60 % of corporations in the United States are not aware of the numerous benefits associated with A/P automation. Leveraging software to utilize 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 more transparency from A/P automation, awareness into the process allows your A/P department to focus on tasks and priorities that can effect your department with value added activities.
Enhance internal controls
A manual A/P method is subject to fraud. You multiply the challenges of human oversight, late payments, missing invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that put a stop to and discourage fraudulent activity.
The obsolete manual method is affected with lack of visibility, by which can result in neglecting to acknowledge a portion of risks. This may understate expenses and therefore overstate earnings, that may lead to accounting and reporting irregularities and ultimately fraud. A/P automation offers an entire audit trail of each and every part of the method, and makes it possible for management to quickly handle potential complications.
Your suppliers prefer a more efficient payment process. Easier payments result in special discounts and savings for you. When you pay your customers by means of virtual card, which is an individual issued card for a one-time use, you earn monthly cash back incentives. It’s jointly beneficial for Accounts Payable and Accounts Receivable. Your clients benefit from more efficient, streamlined payments and your A/P Department pivots to a profit generator.
Prevent error, delay, and unnecessary costs with an automated A/P process. A/P problems can be very expensive and consume many resources to manually clear up. With payment automation, you will see where, when and why problems transpired. Unlike the manual procedure, with automation you’ll have the ability to methodically address and eliminate problems to boost quality.
A/P here payment automation will save you cash, earn you extra profit, lessen the risks of fraudulent activity, bring your operations more transparency, fulfill your customers’ demands, and advance the overall quality of your A/P processes.