Top Reasons to Automate Accounts Payable
Despite the fact that technology has made Accounts Payable payment automation indispensable for numerous corporations, 60 % of corporations in the United States are not aware of the many advantages of A/P automation. Leveraging software programs to implement the method in manner that is seamless and trouble-free, here are our top five reasons to automate.
Cash Optimization
Accounts Payable automation allows A/P to correctly project its pending cash specifications, consequently getting rid of estimation. With increased transparency from A/P automation, awareness into the process allows your A/P department to focus on activities and things that will impact your department with value added activities.
Reinforce central controls
A manual A/P method is susceptible to fraud. You add to the threats of human error, late payments, lost invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that reduce and discourage fraudulent activity.
Capitalize on Exposure
The obsolete manual process suffers from lack of awareness, in which can result in neglecting to recognize a portion of liabilities. This can understate expenses and therefore overstate income, which can lead to accounting and reporting irregularities and ultimately fraudulent activity. A/P automation produces an entire audit trail of each and every step in the method, and allows management to quickly solve possible problems.
Please Customers
Your vendors prefer a more beneficial payment method. Easier payments result in deals and savings for you. Whenever you pay your customers with virtual card, which get more info is an individual issued credit card for a one-time get more info use, you receive monthly cash back incentives. It’s collectively 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.
Enhance Quality
Prevent error, delay, and unneeded costs with an automated A/P process. A/P problems are expensive and take many resources to manually handle. With payment automation, you see where, when and why mistakes transpired. Unlike the manual method, with automation you’ll be in a position to methodically address and reduce errors to improve quality.
A/P payment automation can save you cash, earn you extra income, reduce the risks of fraud, provide your operations better transparency, satisfy the customers’ demands, and enrich the overall quality of your A/P processes.