Top Reasons Why You Should Automate Accounts Payable
Despite the fact that tech has made Accounts Payable payment automation simple for a number of companies, 60 percent of companies in the US do not know of the many advantages of A/P automation. Leveraging software applications to utilize the method in manner that is seamless and effortless, the following are our best five reasons why you should automate.
Accounts Payable automation enables A/P to correctly project its outstanding cash requirements, therefore eliminating estimation. With increased transparency from A/P automation, visibility into the process allows your A/P department to focus on tasks and things that can effect your department with value added activities.
Strengthen central controls
A manual A/P method is subject to fraudulent activity. You multiply the challenges of human oversight, late payments, lost invoices, and the dreaded rush invoices. An automated A/P process embeds controls that reduce and discourage fraud.
The outdated manual process is affected with insufficient visibility, wherein can result in failing to acknowledge a part of liabilities. This may understate expenditures thereby overstate income, which could lead to accounting website and reporting abnormalities 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 complications.
Your suppliers want a more beneficial payment process. More efficient payments result in special offers and cost savings for you. If you click here pay your customers by means of virtual credit card, which is an individual issued credit card for a one-time use, you earn monthly cash rebates. It’s jointly beneficial for Accounts Payable and Accounts Receivable. Your customers benefit from more efficient, seamless payments and your A/P Department pivots to a profit generator.
Prevent error, delay, and needless costs with an automated A/P process. A/P mistakes are costly and use up many resources to manually resolve. With payment automation, you will see where, when and why issues happened. In contrast to the manual method, with automation you’ll be in a position to methodically address and get rid of issues to improve quality.
A/P payment automation can help you save cash, earn you additional income, decrease the risks of fraud, bring your operations greater transparency, meet the customers’ needs, and advance the total quality of your A/P processes.