Top Reasons Why You Should Automate Accounts Payable
Even though tech has made Accounts Payable payment automation indispensable for a lot of businesses, 60 % of corporations in the United States are not aware of the numerous benefits of A/P automation. Leveraging software applications to apply the process in manner that is seamless and effortless, here are our top five reasons why you should automate.
Accounts Payable automation lets A/P to correctly project its pending cash specifications, therefore getting rid of guess work. With better transparency from A/P automation, visibility into the system allows your A/P department to deal with activities and priorities that can impact your department with value add activities.
Strengthen central controls
A manual A/P process is prone to fraud. You add to the threats of human error, overdue payments, missing invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that reduce and discourage fraud.
The outdated manual practice suffers from lack of awareness, in which can result in failing to recognize a segment of risks. This may understate expenses thereby overstate revenue, which can trigger accounting and reporting irregularities and ultimately fraud. A/P automation provides a whole audit trail of each and every part of the method, and enables management to rapidly deal with possible read more issues.
Your vendors would like a more beneficial payment process. Easier payments result in discount rates and savings for you. When you pay your customers via virtual card, which is an individual issued accounts payable solutions credit card for a one-time use, you receive monthly cash rebates. It’s collectively beneficial for Accounts Payable and Accounts Receivable. Your clients benefit from more efficient, streamlined payments and your A/P Department pivots to a income click here generator.
Prevent error, delay, and avoidable costs with an automated A/P process. A/P mistakes are expensive and consume many resources to manually fix. With payment automation, you can see where, when and why errors transpired. In contrast to the manual process, with automation you’ll be in a position to systematically address and reduce errors to increase quality.
A/P payment automation can help you save cash, earn you extra cash, reduce the risks of fraudulent activity, bring your operations more transparency, satisfy your customers’ demands, and improve the overall quality of your A/P processes.