Top Reasons Why You Should Automate Accounts Payable
Despite the fact that technology has made Accounts Payable payment automation a standard for a number of organizations, 60 % of organizations in the US do not know of the countless advantages to A/P automation. Leveraging software to implement the method in manner that is seamless and easy, here are our major 5 reasons to automate.
Cash Optimization
Accounts Payable automation allows A/P to correctly project its pending cash specifications, consequently removing estimation. With better transparency from A/P automation, visibility into the process allows your A/P department to concentrate on activities and things which will effect your department with value add activities.
Strengthen central controls
A manual A/P process is vulnerable to fraudulent activity. You multiply the pitfalls of human error, overdue payments, lost invoices, and the dreaded rush invoices. An automated A/P process embeds controls that put a stop to and discourage fraudulent activity.
Improve Visibility
The obsolete manual practice is affected with insufficient awareness, in which can result in failing to identify a segment of risks. This could understate expenses thereby overstate income, which could cause accounting and reporting abnormalities and ultimately fraud. A/P automation offers a whole audit trail of each step in the process, and allows management to swiftly resolve potential troubles.
Satisfy Clients
Your vendors prefer a more efficient payment process. Easier payments result in deals and savings for you. Whenever you pay your customers by way of virtual card, which is an individual issued card for a one-time use, you will earn monthly cash back incentives. It’s mutually good for Accounts Payable and Accounts Receivable. Your customers experience more efficient, streamlined payments and your A/P Department pivots to a profit generator.
Improve Quality
Avoid error, delay, and pointless costs with an automated A/P get more info process. A/P errors are expensive and consume many resources to manually remedy. With payment automation, you see where, when and why errors happened. In contrast to the manual method, with automation you’ll be able to methodically address and eliminate issues to enhance quality.
A/P more info payment automation can save you cash, earn you additional earnings, lessen the risks of fraud, get your operations better transparency, fulfill the customers’ demands, and enhance the overall quality of your A/P processes.