Top Reasons to Automate Accounts Payable
Even though tech makes Accounts Payable payment automation a standard for a number of organizations, 60 percent of companies in the USA are unaware of the many benefits of A/P automation. Leveraging software applications to utilize the process in manner that is seamless and easy, listed here are our main five reasons why you should automate.
Cash Optimization
Accounts Payable automation lets A/P to accurately project its pending cash requirements, consequently eliminating speculation. With increased transparency from A/P automation, visibility into the process allows your A/P department to concentrate on activities and things that can effect your department with value add activities.
Strengthen central controls
A manual A/P method is at risk of fraudulent activity. You multiply the issues of human error, overdue payments, lost invoices, and the dreaded rush invoices. An automated A/P process embeds controls that stop and discourage fraudulent activity.
Improve Awareness
The outdated manual method suffers from insufficient visibility, in which can result in failing to identify a portion of risks. This can understate operating expenses thereby overstate income, that may cause accounting and reporting irregularities and ultimately fraudulent activity. A/P automation provides a complete audit trail of each step in the process, and makes it possible for management to quickly deal with possible issues.
Please Clients
Your suppliers want a more efficient payment method. Easier payments result in savings and savings for you. Whenever you pay your clients by means of virtual credit card, which is a single issued card for a one-time use, you will earn monthly cash rebates. It’s equally good for Accounts Payable and Accounts Receivable. Your customers benefit from more efficient, seamless payments and your A/P Department pivots to a profit generator.
Improve Quality
Avoid click here error, delay, and pointless costs with an automated A/P process. A/P errors can be very expensive and take many resources to manually handle. With payment automation, you see where, when and why errors happened. Contrary to the manual procedure, with automation you’ll be able to systematically address and get rid of problems to boost quality.
A/P payment automation will save you cash, more info earn check here you additional income, reduce the risks of fraud, get your operations more transparency, fulfill the customers’ needs, and enhance the total quality of your A/P processes.