Top Reasons to Automate Accounts Payable
Even though modern technology makes Accounts Payable payment automation indispensable for numerous corporations, 60 % of corporations in the US do not know of the many benefits of A/P automation. Leveraging software to implement the method in manner that is seamless and effortless, here are our major 5 reasons why you should automate.
Cash Optimization
Accounts Payable automation allows A/P to accurately project its pending cash requirements, accordingly removing guesswork. With greater transparency from A/P automation, awareness into the system allows your A/P department to deal with activities and priorities that can effect your department with value add activities.
Improve internal controls
A manual A/P process is susceptible to fraudulent activity. You add to the threats of human error, overdue payments, lost invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that avoid and discourage fraudulent activity.
Boost Exposure
The outdated manual method suffers from lack of awareness, by which can result in failing to acknowledge a part of risks. This can understate operating expenses and therefore overstate earnings, which can cause accounting and reporting malfunctions and ultimately fraudulent get more info activity. A/P automation offers a complete audit trail of each step in the method, and enables management to quickly resolve possible troubles.
Satisfy Customers
Your suppliers want a more beneficial payment method. Easier payments result in discounts and cost savings for you. Whenever you pay your customers with virtual card, which is an individual issued card for a one-time use, you generate monthly cash rebates. It’s mutually good for Accounts Payable and Accounts Receivable. Your clients benefit from more efficient, streamlined payments and your A/P Department pivots to a revenue generator.
Enhance Quality
Prevent error, delay, and unnecessary costs with an automated A/P process. A/P errors are expensive and use up many resources to manually handle. With payment automation, you can see where, when and why faults transpired. Unlike the manual method, with automation you’ll have the ability to read more methodically address and get rid of mistakes to enhance quality.
A/P payment automation can save you cash, earn you extra earnings, reduce the risks of fraudulent activity, provide your operations more transparency, fulfill the customers’ demands, and boost the overall quality of your A/P processes.