Top Reasons to Automate Accounts Payable
While technology makes Accounts Payable payment automation simple for a number of corporations, 60 % of organizations in the USA are not aware of the countless advantages of A/P automation. Leveraging software applications to implement the method in manner that is seamless and easy, here are our main 5 reasons why you should automate.
Accounts Payable automation lets A/P to accurately project its outstanding cash requirements, therefore removing estimation. With better transparency from A/P automation, awareness into the process allows your A/P department to focus on tasks and priorities which will effect your department with value add actions.
Improve central controls
A manual A/P process is vulnerable to fraudulent activity. You multiply the pitfalls of human error, overdue payments, missing invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that stop and discourage fraudulent activity.
The outdated manual practice suffers from lack of awareness, in which can result in neglecting to acknowledge a portion of risks. This may understate expenses thereby overstate revenue, which can cause accounting and reporting abnormalities and ultimately fraud. A/P automation provides a whole audit trail of each and every step in the process, and permits ap automation management to promptly solve potential troubles.
Your vendors prefer a more efficient payment method. More efficient payments result in special offers and savings for you. When you pay your customers via virtual card, which is a single issued card for a one-time use, you generate monthly cash rebates. It’s collectively beneficial for Accounts Payable and Accounts Receivable. Your customers benefit from more efficient, streamlined payments and your A/P Department pivots to a revenue generator.
Prevent error, delay, and unnecessary costs with an automated A/P process. A/P errors are costly and consume many resources to manually solve. With payment automation, you can see where, when and why mistakes occurred. Unlike the manual procedure, with automation you’ll be able to methodically address and get rid of problems to enhance quality.
A/P payment automation can save you cash, earn you extra cash, lessen the risks of fraud, bring your operations more transparency, meet your customers’ needs, and boost the total quality of your A/P processes.