Top Reasons to Automate Accounts Payable
Even though technology has made Accounts Payable payment automation simple for a lot of organizations, 60 % of companies in the US do not know of the countless advantages of A/P automation. Leveraging software programs to utilize the process in manner that is seamless and trouble-free, listed here are our major 5 reasons to automate.
Cash Optimization
Accounts Payable automation allows A/P to accurately project its pending cash requirements, accordingly eliminating guess work. With greater transparency from A/P automation, awareness into the process allows your A/P department to focus on tasks and priorities that will impact your department with value added actions.
Strengthen central controls
A manual A/P method is susceptible to fraudulent activity. You increase the pitfalls of human error, overdue payments, lost invoices, and the dreaded rush invoices. An automated A/P process embeds controls that avoid and deter fraudulent activity.
Improve Awareness
The outdated manual method is affected with insufficient awareness, wherein can result in failing to identify a part of liabilities. This could understate operating expenses thereby overstate revenue, which can contribute to accounting and reporting irregularities and ultimately fraudulent activity. A/P automation produces a total audit trail of each part of the method, and enables management to swiftly solve potential complications.
Please Clients
Your vendors prefer a more efficient payment method. More efficient payments result in discounts and savings for you. When you pay your customers by means of virtual card, which is a single issued card for a one-time use, you generate monthly cash rebates. It’s equally good website for Accounts Payable and Accounts Receivable. Your customers benefit from more efficient, seamless payments and your A/P Department pivots to a cash generator.
Improve Quality
Avoid error, delay, and needless costs with an automated A/P process. A/P errors may be very costly and use up many resources to manually clear up. With payment automation, you will see where, when and why errors happened. Contrary to the manual process, with automation you’ll have the ability to methodically address and eliminate issues to boost quality.
A/P payment automation can help you save cash, earn you extra cash, decrease the risks of fraud, provide your operations more transparency, fulfill your customers’ demands, and improve the total quality of your A/P processes.