Top Reasons to Automate Accounts Payable
Although modern technology has made Accounts Payable payment automation indispensable for a number of corporations, 60 % of businesses in the United States do not know of the numerous advantages of A/P automation. Leveraging software applications to utilize the method in manner that is seamless and trouble-free, the following are our major five reasons to automate.
Accounts Payable automation enables A/P to correctly project its outstanding cash specifications, accordingly getting rid of uncertainty. With greater transparency from A/P automation, visibility into the process allows your A/P department to focus on activities and priorities that will effect your department with value added actions.
Strengthen central controls
A manual A/P process is prone 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 avoid and deter fraudulent activity.
Capitalize on Visibility
The outdated manual practice suffers from insufficient awareness, wherein can result in failing to recognize a segment of risks. This may understate expenditures as well as overstate revenue, which can contribute to accounting and reporting irregularities and ultimately fraud. A/P automation produces a complete audit trail of more info every step in the process, and makes it possible for management to quickly deal with possible issues.
Your suppliers would like a more beneficial payment process. More efficient payments result in special discounts and savings for you. When you pay your customers with virtual credit card, which is an individual issued card for a one-time use, you receive monthly cash back incentives. It’s jointly good for Accounts Payable and Accounts Receivable. Your customers benefit from more efficient, streamlined payments and your A/P Department pivots to a revenue generator.
Prevent error, website delay, and avoidable costs with an automated A/P process. A/P mistakes may be very costly and use up many resources to manually clear up. With payment automation, you see where, when and why faults took place. In contrast to the manual method, with automation you’ll have the ability to systematically address and reduce issues to increase quality.
A/P payment automation can help you save cash, earn you additional profit, decrease the risks of fraudulent activity, get your operations greater transparency, satisfy your customers’ needs, and enrich the total quality of your A/P processes.