Top Reasons Why You Should Automate Accounts Payable
Even though modern technology makes Accounts Payable payment automation simple for a lot of corporations, 60 percent of companies in the USA are not aware of the many advantages of A/P automation. Leveraging software programs to apply the method in manner that is seamless and easy, listed here are our top 5 reasons why you should automate.
Cash Optimization
Accounts Payable automation enables A/P to accurately project its outstanding cash requirements, consequently removing estimation. With greater transparency from A/P automation, awareness into the system allows your A/P department to give attention to tasks and priorities which will effect your department with value added activities.
Strengthen central controls
A manual A/P method is subject to fraud. You add to the challenges of human oversight, overdue payments, lost invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that reduce and deter fraudulent activity.
Improve Exposure
The outdated manual practice suffers from insufficient awareness, through which can result in failing to realize a part of risks. This may understate operating expenses as well as read more overstate income, which could result in accounting and reporting irregularities and ultimately fraudulent activity. A/P automation produces an entire audit trail of each step in the process, and allows management to quickly solve possible problems.
Please Customers
Your vendors prefer a more beneficial payment method. Easier payments result in discounts and cost savings for you. Whenever you pay your clients by way of virtual credit card, which is a single issued credit card for a one-time use, you earn monthly cash rebates. It’s mutually good for Accounts Payable and Accounts Receivable. Your clients experience more efficient, seamless payments and your A/P Department pivots to a revenue generator.
Improve Quality
Avoid error, delay, and avoidable costs with click here an automated A/P process. A/P problems are costly and consume many resources to manually remedy. With payment automation, you see where, when and why issues occurred. Unlike the manual procedure, with automation you’ll get more info be in a position to methodically address and get rid of mistakes to improve quality.
A/P payment automation can save you cash, earn you extra revenue, lessen the risks of fraudulent activity, bring your operations greater transparency, satisfy your customers’ needs, and boost the overall quality of your A/P processes.