Top Reasons to Automate Accounts Payable
Although technology has made Accounts Payable payment automation simple for a lot of companies, 60 percent of corporations in the US do not know of the countless benefits associated with A/P automation. Leveraging software to apply the method in manner that is seamless and trouble-free, listed here are our top five reasons to automate.
Accounts Payable automation lets A/P to correctly project its outstanding cash specifications, accordingly eliminating guess work. With increased transparency from A/P automation, visibility into the system allows your A/P department to deal with activities and priorities that will effect your department with value added activities.
Enhance central controls
A manual A/P process is susceptible to fraud. You raise the risks of human error, late payments, lost invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that avoid and discourage fraudulent activity.
The outdated manual process is affected with lack of visibility, wherein can result in neglecting to recognize a portion of liabilities. This can understate operating expenses as well as overstate revenue, which can result in accounting and reporting irregularities and ultimately fraudulent activity. A/P automation delivers an entire audit trail of each part of the process, and permits management to swiftly handle potential difficulties.
Your vendors want a more beneficial payment process. More efficient payments result in deals and savings for you. Whenever you pay your clients by way of virtual card, which is a single issued credit card for a one-time use, you generate monthly cash back incentives. It’s equally good for Accounts Payable and Accounts Receivable. Your customers benefit from more efficient, seamless payments and your A/P Department pivots to a revenue generator.
Prevent website error, delay, and avoidable costs with an automated A/P process. A/P errors can be very get more info expensive and consume many resources to manually clear up. With payment automation, you will see where, when and why faults occurred. In contrast to the manual procedure, with automation you’ll be in a position to systematically address and get rid of issues to enhance quality.
A/P payment automation can help you save cash, earn you additional income, lessen the risks of fraudulent activity, get check here your operations greater transparency, fulfill your customers’ demands, and enrich the overall quality of your A/P processes.