Top Reasons Why You Should Automate Accounts Payable
Even though technology makes Accounts Payable payment automation simple for many corporations, 60 % of businesses in the United States do not know of the numerous advantages of A/P automation. Leveraging software to utilize the process in manner that is seamless and effortless, the following are our best five reasons to automate.
Cash Optimization
Accounts Payable automation allows A/P to accurately project its outstanding cash requirements, accordingly eliminating guesswork. With better transparency from A/P automation, visibility into the process allows your A/P department to give attention to tasks and priorities which will impact your department with value add actions.
Reinforce central controls
A manual A/P process is vulnerable to fraudulent activity. You increase the threats of human oversight, late payments, missing invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that stop and discourage fraud.
Enhance Exposure
The obsolete manual practice is affected with insufficient awareness, through which can result in failing to identify a segment of liabilities. This can understate operating expenses and therefore overstate revenue, which could cause accounting and reporting malfunctions and ultimately fraud. A/P automation delivers an entire audit trail of each part of the process, and allows management to promptly handle potential complications.
Satisfy Clients
Your suppliers would like a more efficient payment process. Easier payments result in special discounts and cost savings for you. When you pay your check here customers with virtual card, which is an individual issued credit card for a one-time use, you generate monthly cash back incentives. It’s mutually good for Accounts Payable here and Accounts Receivable. Your clients benefit from more efficient, streamlined payments and your A/P Department pivots to a cash generator.
Enhance Quality
Avoid error, delay, and avoidable costs with an automated A/P process. A/P errors can be click here very expensive and take many resources to manually fix. 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 can save you cash, earn you extra income, decrease the risks of fraudulent activity, get your operations better transparency, satisfy the customers’ needs, and improve the overall quality of your A/P processes.