Top Reasons Why You Should Automate Accounts Payable
Despite the fact that tech makes Accounts Payable payment automation indispensable for many organizations, 60 percent of businesses in the United States are not aware of the countless benefits associated with A/P automation. Leveraging software applications to apply the process in manner that is seamless and effortless, here are our top 5 reasons why you should automate.
Accounts Payable automation lets A/P to accurately project its pending cash specifications, therefore removing guesswork. With more transparency from A/P automation, awareness into the system allows your A/P department to deal with tasks and priorities that will impact your department with value added actions.
Reinforce internal controls
A manual A/P method is subject to fraudulent activity. You multiply the challenges of human error, overdue payments, missing invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that put a stop to and deter fraudulent activity.
Capitalize on Visibility
The obsolete manual method is affected with lack of awareness, wherein can result in failing to identify a portion of liabilities. This may understate expenditures and therefore overstate earnings, that may 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 enables management to swiftly fix possible problems.
Your vendors prefer a more effective payment process. More efficient payments result in savings and savings for you. When you pay your clients with virtual card, which is a single issued card for a one-time use, you receive monthly cash back incentives. It’s mutually beneficial for Accounts Payable and Accounts Receivable. Your customers experience more efficient, seamless payments and your A/P Department pivots to a profit generator.
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 handle. With payment automation, you see where, when and why issues occurred. Unlike the manual process, with automation you’ll have the ability to methodically address and get rid of problems to improve quality.
A/P payment automation can save you cash, earn you extra income, reduce the risks of fraud, bring your operations greater transparency, satisfy more info the website customers’ needs, and enhance the overall quality of your A/P processes.