Top Reasons Why You Should Automate Accounts Payable
While technology has made Accounts Payable payment automation a standard for many organizations, 60 percent of businesses in the United States are not aware of the countless advantages of A/P automation. Leveraging software programs to utilize the process in manner that is seamless and effortless, here are our best 5 reasons why you should automate.
Cash Optimization
Accounts Payable automation enables A/P to accurately project its pending cash specifications, therefore removing guesswork. With more transparency from A/P automation, awareness into the process allows your A/P department to focus on tasks and priorities that will effect your department with value add actions.
Enhance internal controls
A manual A/P process is vulnerable to fraudulent activity. You raise the threats of human error, late payments, lost invoices, and the dreaded rush invoices. An automated A/P process embeds controls that prevent and discourage fraud.
Optimize Awareness
The outdated manual more info method suffers from insufficient awareness, through which can result in neglecting to realize a portion of risks. This can understate expenditures and therefore overstate earnings, which can trigger accounting and reporting irregularities and ultimately fraudulent activity. A/P automation delivers a whole audit trail of each and every step in the method, and allows management to swiftly solve potential problems.
Satisfy Customers
Your vendors want a more efficient payment method. More efficient payments result in special discounts and savings for you. If you pay your clients via virtual card, which is an individual issued credit card for a one-time use, you will earn monthly cash rebates. It’s collectively 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 unneeded costs with an automated A/P process. A/P mistakes may be very costly and consume many resources to manually fix. With payment automation, you will see where, when and why faults transpired. Contrary to the manual procedure, with automation here you’ll be able to systematically address and eliminate mistakes to enhance quality.
A/P payment automation can help you save cash, earn you extra earnings, decrease the risks of fraud, bring your operations greater transparency, meet the customers’ needs, and enhance the total quality of your A/P processes.