Top Reasons Why You Should Automate Accounts Payable
While tech makes Accounts Payable payment automation simple for many companies, 60 percent of corporations in the United States are not aware of the countless benefits associated with A/P automation. Leveraging software to apply the process in manner that is seamless and trouble-free, listed here are our top five reasons why you should automate.
Accounts Payable automation allows A/P to accurately project its pending cash requirements, consequently removing estimation. With greater transparency from A/P automation, visibility into the system allows your A/P department to deal with activities and things which will effect your department with value add actions.
Enhance internal controls
A manual A/P method is susceptible to fraudulent activity. You raise the threats of human oversight, overdue payments, missing invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that avoid and deter fraud.
The outdated manual method is affected with lack of awareness, by which can result in neglecting to acknowledge a portion of liabilities. This could understate operating expenses as well as overstate revenue, which can cause accounting and reporting malfunctions and ultimately fraudulent activity. A/P automation provides an entire audit trail of every part of the method, and permits management to swiftly correct potential difficulties.
Your suppliers want a more beneficial payment process. More efficient payments result in deals and savings for you. Whenever you pay your clients website by means of virtual credit card, which is an individual issued card for a one-time use, you earn monthly cash rebates. It’s jointly good for Accounts Payable and Accounts Receivable. Your clients experience more efficient, streamlined payments and your A/P Department pivots to a revenue generator.
Avoid error, delay, and pointless costs with an automated A/P process. A/P errors are expensive and use up many resources to manually fix. With payment automation, you can see where, when and why problems happened. In contrast to the manual process, with automation you’ll be in a position to methodically address and eliminate mistakes to improve quality.
A/P payment automation will save you cash, earn you extra income, reduce the risks of fraudulent activity, provide your operations more transparency, satisfy the customers’ needs, and improve the overall quality of your A/P processes.