Top Reasons to Automate Accounts Payable
Even though tech has made Accounts Payable payment automation a standard for a lot of corporations, 60 percent of corporations in the USA do not know of the countless advantages to A/P automation. Leveraging software applications to apply the process in manner that is seamless and trouble-free, listed here are our major five reasons why you should automate.
Accounts Payable automation lets A/P to correctly project its outstanding cash specifications, accordingly eliminating guess work. With better transparency from A/P automation, visibility into the process allows your A/P department to deal with tasks and things which will impact your department with value added actions.
Enhance central controls
A manual A/P process is subject to fraudulent activity. You raise the threats of human error, overdue payments, lost invoices, and the dreaded rush invoices. An automated A/P process embeds controls that reduce and deter fraudulent activity.
The obsolete manual process is affected with lack of awareness, wherein can result in failing to realize a portion of liabilities. This may understate expenditures as well as overstate earnings, that may trigger accounting and reporting irregularities and ultimately fraud. A/P automation offers a complete audit trail of each step in the process, and makes get more info it possible for management to quickly deal with possible issues.
Your vendors would like a more efficient payment process. More efficient payments result in special discounts and savings for you. When you pay your customers by means of virtual card, which is a single issued card for a one-time use, you generate monthly cash get more info rebates. It’s mutually good for Accounts Payable and Accounts Receivable. Your clients experience more efficient, streamlined payments and your A/P Department pivots to a income generator.
Prevent error, delay, and unnecessary costs with an automated A/P process. A/P problems are costly and consume many resources to manually remedy. With payment automation, you will see where, when and why mistakes happened. Unlike the manual procedure, with automation you’ll be in a position to systematically address and reduce problems to improve quality.
A/P payment automation will save you cash, earn you extra earnings, lessen the risks of fraud, provide your operations increased transparency, satisfy your customers’ demands, and improve the total quality of your A/P processes.