Top Reasons to Automate Accounts Payable
While technology has made Accounts Payable payment automation simple for many organizations, 60 % of corporations in the USA are not aware of the many advantages of A/P automation. Leveraging software to apply the method in manner that is seamless and convenient, the following are our main five reasons why you should automate.
Accounts Payable automation lets A/P to correctly project its pending cash specifications, therefore removing estimation. With more transparency from A/P automation, visibility into the system allows your A/P department to concentrate on tasks and things which will effect your department with value added actions.
Reinforce central controls
A manual A/P method is at risk of fraudulent activity. You raise the issues of human error, late payments, missing invoices, and the dreaded rush invoices. An automated A/P process embeds controls that prevent and deter fraudulent activity.
The outdated manual process suffers from insufficient awareness, wherein can result in neglecting to realize a part of risks. This could understate expenditures thereby overstate earnings, which could trigger accounting and reporting abnormalities and click here ultimately fraud. A/P automation offers a whole audit trail of each part of the method, and allows management to swiftly resolve possible issues.
Your vendors prefer a more beneficial payment method. Easier payments result in discount rates and cost savings for you. Whenever you pay your customers by means of virtual card, which is a single issued 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 revenue generator.
Avoid error, delay, and avoidable costs with an automated A/P process. A/P errors can be very expensive and take many resources to manually remedy. With payment automation, you see where, when and why faults occurred. Contrary to the manual process, with automation you’ll be in a position to methodically here address and reduce problems to enhance quality.
A/P payment automation will save you cash, earn you extra earnings, reduce the risks of fraudulent activity, bring your operations greater transparency, meet the customers’ demands, and enrich the overall quality of your A/P processes.