Top Reasons to Automate Accounts Payable
Even though modern technology has made Accounts Payable payment automation simple for a lot of companies, 60 percent of companies in the United States are not aware of the countless benefits of A/P automation. Leveraging software applications to apply the method in manner that is seamless and trouble-free, here are our top five reasons why you should automate.
Accounts Payable automation lets A/P to accurately project its pending cash specifications, therefore removing guesswork. 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 actions.
Improve internal controls
A manual A/P method is susceptible to fraudulent activity. You raise the risks of human oversight, late payments, lost invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that reduce and deter fraudulent activity.
Capitalize on Visibility
The obsolete manual process is affected with lack of awareness, wherein can result in failing to identify a part of liabilities. This may understate expenses as well as overstate income, which could lead to accounting and reporting abnormalities and ultimately fraud. A/P automation offers a complete audit trail of each part of the process, and lets management to quickly deal with potential troubles.
Your vendors want a more beneficial payment method. Easier payments result in deals and cost savings for you. If you pay your customers by means of get more info virtual credit card, which is an individual issued credit card for a one-time use, you generate monthly cash rebates. It’s equally good for Accounts Payable and Accounts Receivable. Your clients benefit from more efficient, seamless payments and your A/P Department pivots to a read more profit generator.
Prevent error, delay, and needless costs with an automated A/P process. A/P problems are costly and consume many resources to manually correct. With payment automation, you see where, when and why issues occurred. Unlike the manual process, with automation you’ll have the ability to systematically address and get rid of errors to boost quality.
A/P payment automation will save you cash, earn you extra profit, reduce the risks of fraud, provide your operations better transparency, satisfy the customers’ needs, and enrich the overall quality of your A/P processes.