Top Reasons Why You Should Automate Accounts Payable
While technology has made Accounts Payable payment automation a standard for numerous corporations, 60 % of organizations in the US do not know of the many advantages to A/P automation. Leveraging software to implement the method in manner that is seamless and easy, listed here are our best 5 reasons why you should automate.
Cash Optimization
Accounts Payable automation enables A/P to accurately project its pending cash specifications, therefore removing uncertainty. With increased transparency from A/P automation, visibility into the process allows your A/P department to deal with tasks and priorities that can effect your department with value add actions.
Reinforce internal controls
A manual A/P method is subject to fraud. You add to the threats of human error, overdue payments, missing invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that put a stop to and discourage fraud.
Maximize Exposure
The outdated manual practice suffers from insufficient visibility, by which can result in neglecting to acknowledge a segment of risks. This can understate operating expenses and therefore overstate revenue, which can contribute to accounting and reporting malfunctions and ultimately fraudulent activity. A/P automation delivers a whole audit trail of every step in the method, and enables management to swiftly solve possible troubles.
Satisfy Customers
Your suppliers would like a more efficient payment method. More efficient payments result in special discounts and cost savings for you. If you pay read more your clients via virtual card, which is an individual issued credit card for a one-time use, you will earn monthly cash rebates. It’s collectively good for Accounts Payable and Accounts Receivable. Your clients experience more efficient, seamless payments and your A/P Department pivots to a profit generator.
Improve Quality
Avoid error, delay, and unneeded costs with an automated A/P process. A/P mistakes may be very costly and take many resources to accounts payable automation manually fix. With payment automation, you will see where, when and why faults transpired. Contrary to the manual procedure, with automation you’ll be able to methodically address and reduce errors to improve quality.
A/P payment automation can save you cash, earn you additional revenue, lessen the risks of fraudulent activity, provide your operations more transparency, fulfill your customers’ demands, and enrich the overall quality of your A/P processes.