Top Reasons Why You Should Automate Accounts Payable
While tech has made Accounts Payable payment automation simple for numerous companies, 60 % of businesses in the United States do not know of the many benefits of A/P automation. Leveraging software to utilize the method in manner that is seamless and easy, listed here are our main five reasons to automate.
Accounts Payable automation allows A/P to accurately project its outstanding cash specifications, therefore eliminating guess work. With greater transparency from A/P automation, awareness into the process allows your A/P department to focus on activities and priorities that will impact your department with value add activities.
Improve internal controls
A manual A/P process is at risk of fraudulent activity. You add to the risks of human error, late payments, lost invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that prevent and discourage fraudulent activity.
The obsolete manual practice is affected with lack of visibility, through which can result in failing to identify a portion of liabilities. This could understate expenditures as well as overstate earnings, which could contribute to accounting and reporting abnormalities and ultimately fraudulent activity. A/P automation provides a complete audit trail of each part of the method, and makes it possible for management to quickly resolve possible troubles.
Your suppliers prefer a more beneficial payment method. Easier payments result in discounts and cost savings for you. When you pay your clients by way of virtual card, more info which is an individual issued credit card for a one-time use, you receive monthly cash rebates. It’s equally 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 unneeded costs with an automated A/P process. A/P problems are expensive and take many resources to manually correct. With click here payment automation, you can see where, when and why problems occurred. In contrast to the manual method, with automation you’ll be able to systematically address and get rid of errors to enhance quality.
A/P payment automation will save you cash, earn you extra profit, lessen the risks of fraudulent activity, bring your operations increased transparency, fulfill your customers’ needs, and improve the overall quality of your A/P processes.