Top Reasons to Automate Accounts Payable
Although technology has made Accounts Payable payment automation simple for many businesses, 60 % of businesses in the USA do not know of the many benefits associated with A/P automation. Leveraging software to apply the method in manner that is seamless and easy, the following are our best five reasons to automate.
Accounts Payable automation lets A/P to correctly project its outstanding cash requirements, therefore getting rid of guess work. With increased transparency from A/P automation, awareness into the system allows your A/P department to concentrate on activities and priorities that will impact your department with value added actions.
Improve central controls
A manual A/P process is subject to fraudulent activity. You multiply the challenges of human error, overdue payments, lost invoices, and the dreaded rush invoices. An automated A/P process embeds controls that prevent and deter fraudulent activity.
The outdated manual practice is affected with insufficient awareness, by which can result in neglecting to realize a part of risks. This can understate operating expenses and therefore overstate revenue, which can contribute to accounting and reporting abnormalities and ultimately fraud. A/P automation delivers a whole audit trail of each part of the process, and lets management to promptly fix potential complications.
Your vendors prefer a more efficient payment method. Easier payments result in discounts and cost savings for you. When you pay click here your clients via virtual card, which is a single issued credit card for a one-time use, you generate monthly cash rebates. It’s equally beneficial for Accounts Payable and Accounts Receivable. Your customers benefit from more check here efficient, seamless payments and your A/P Department pivots to a income generator.
Prevent error, delay, and avoidable costs with an automated A/P process. A/P problems may be very costly and use up many resources to manually solve. With payment automation, you can see where, when and why errors happened. Contrary to the manual method, 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 additional earnings, reduce the risks of fraudulent activity, provide your operations better transparency, meet the customers’ demands, check here and boost the overall quality of your A/P processes.