Top Reasons to Automate Accounts Payable
Although modern technology has made Accounts Payable payment automation simple for a number of organizations, 60 % of corporations in the US are not aware of the numerous benefits associated with A/P automation. Leveraging software to apply the method in manner that is seamless and effortless, listed here are our major 5 reasons to automate.
Accounts Payable automation allows A/P to accurately project its pending cash requirements, accordingly removing uncertainty. With better transparency from A/P automation, awareness into the system allows your A/P department to give attention to tasks and priorities that can effect your department with value added activities.
Improve central controls
A manual A/P process is vulnerable to fraudulent activity. You increase the threats of human error, overdue payments, lost invoices, and the dreaded rush invoices. An automated A/P process embeds controls that put a stop to and deter fraudulent activity.
The outdated manual process is affected with insufficient awareness, through which can result in neglecting to realize a segment of risks. This may understate expenses thereby overstate earnings, which can trigger accounting and reporting malfunctions and ultimately fraud. A/P automation produces a complete audit trail of each step in the process, and allows management to promptly solve potential problems.
Your suppliers prefer a more effective payment method. Easier payments result in savings and savings for you. Whenever you pay your clients by way of virtual card, which is a single issued card for a one-time use, you receive monthly cash rebates. It’s collectively beneficial for Accounts Payable and Accounts Receivable. Your customers experience more efficient, seamless payments and your A/P Department pivots to a revenue generator.
Prevent error, delay, and needless get more info 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 problems took place. Unlike the manual procedure, with automation you’ll be in a position to systematically address and eliminate issues to boost quality.
A/P payment automation can more info save you cash, earn you extra profit, decrease the risks of fraud, provide your operations greater transparency, meet your customers’ demands, and boost the overall quality of your A/P processes.