Top Reasons Why You Should Automate Accounts Payable
Although tech has made Accounts Payable payment automation simple for a lot of organizations, 60 percent of corporations in the US do not know of the many advantages to A/P automation. Leveraging software to utilize the method in manner that is seamless and effortless, listed here are our major five reasons why you should automate.
Cash Optimization
Accounts Payable automation enables A/P to correctly project its pending cash requirements, consequently eliminating uncertainty. With greater transparency from A/P automation, awareness into the process allows your A/P department to concentrate on activities and things that can impact your department with value added actions.
Reinforce central controls
A manual A/P process is subject to fraud. You increase the risks of human oversight, overdue payments, lost invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that avoid and deter fraudulent activity.
Increase Exposure
The obsolete manual practice suffers from insufficient awareness, wherein can result in neglecting to recognize a portion of liabilities. This could understate expenses thereby overstate revenue, which could trigger accounting and reporting abnormalities and ultimately fraudulent website activity. A/P automation produces a complete audit trail of each and every part of the process, and makes it here possible for management to promptly solve possible issues.
Please Clients
Your vendors want a more beneficial payment method. More efficient payments result in special discounts and cost savings for you. When you pay your customers via virtual credit card, which is a single issued card for a one-time use, you earn monthly cash back incentives. It’s equally beneficial for Accounts Payable and Accounts Receivable. Your clients benefit from more efficient, seamless payments and your A/P Department pivots to a profit generator.
Improve Quality
Prevent error, delay, and pointless costs with an automated A/P process. A/P mistakes are expensive and take many resources to manually resolve. With payment automation, you see where, when and why mistakes happened. Contrary to the manual method, with automation you’ll read more be in a position to systematically address and get rid of issues to enhance quality.
A/P payment automation can help you save cash, earn you additional income, decrease the risks of fraudulent activity, provide your operations greater transparency, meet your customers’ demands, and enhance the overall quality of your A/P processes.