Top Reasons Why You Should Automate Accounts Payable
Even though tech makes Accounts Payable payment automation a standard for numerous corporations, 60 % of organizations in the US do not know of the numerous advantages to A/P automation. Leveraging software to utilize the process in manner that is seamless and effortless, here are our best 5 reasons why you should automate.
Cash Optimization
Accounts Payable automation lets A/P to correctly project its outstanding cash requirements, therefore removing guesswork. With more transparency from A/P automation, visibility into the system allows your A/P department to deal with tasks and things that will impact your department with value add actions.
Strengthen internal controls
A manual A/P method is prone to fraud. You add to the challenges of human error, late payments, lost invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that put a stop to and deter fraudulent activity.
Enhance Exposure
The read more outdated manual process suffers from lack of visibility, through which can result in failing to realize a segment of liabilities. This could understate expenditures and therefore overstate income, which can lead to accounting and reporting irregularities and ultimately fraud. A/P automation delivers a complete audit trail of every part of the process, and enables management to quickly resolve possible troubles.
Satisfy Clients
Your suppliers would like a more effective payment method. Easier payments result in discounts and savings for you. Whenever you pay your clients via virtual credit card, which is a single issued card for a one-time use, you will earn monthly cash rebates. It’s collectively good for Accounts Payable and Accounts Receivable. Your customers benefit from more efficient, seamless payments and your A/P Department pivots to a income generator.
Enhance Quality
Prevent error, delay, and unneeded costs with an automated A/P process. A/P problems are expensive and use up many resources to manually website solve. With payment automation, you will see where, when and why faults occurred. Unlike the manual process, with automation you’ll be able to systematically address and eliminate errors to improve quality.
A/P payment automation can save you cash, earn you additional cash, lessen the risks of fraudulent activity, get your operations increased transparency, meet the customers’ demands, and enrich the overall quality of your A/P processes.