Top Reasons Why You Should Automate Accounts Payable
While technology makes Accounts Payable payment automation simple for a lot of companies, 60 percent of corporations in the United States are unaware of the many benefits associated with A/P automation. Leveraging software applications to apply the method in manner that is seamless and trouble-free, the following are our major five reasons to automate.
Accounts Payable automation allows A/P to accurately project its outstanding cash specifications, accordingly eliminating estimation. With greater transparency from A/P automation, visibility into the system allows your A/P department to give attention to activities and priorities that can impact your department with value add actions.
Improve internal controls
A manual A/P method is at risk of fraud. You increase the threats of human error, overdue payments, lost invoices, and the dreaded rush invoices. An automated A/P process embeds controls that avoid and deter fraudulent activity.
The outdated manual method is affected with lack of awareness, wherein can result in failing to identify a part of liabilities. This may understate expenditures and therefore overstate earnings, which could click here cause accounting and reporting abnormalities and ultimately fraud. A/P automation offers a complete audit trail of each and every step in the method, and enables management to promptly fix possible issues.
Your vendors would like a more beneficial payment process. Easier payments result in deals and cost savings for you. When you pay your clients with virtual card, which is an individual issued card for a one-time use, you will earn monthly cash back incentives. It’s equally beneficial for Accounts Payable and Accounts Receivable. Your clients benefit from more efficient, streamlined payments and your A/P Department pivots to a profit generator.
Avoid error, delay, and pointless costs with an automated A/P process. A/P mistakes are expensive and consume many resources to manually handle. With payment automation, you can see where, when and why mistakes took place. Unlike the manual procedure, with automation you’ll be in a position to systematically address and reduce mistakes to boost quality.
A/P payment automation can help you save cash, earn you extra revenue, decrease the risks of fraudulent activity, bring your operations more click here transparency, meet the customers’ demands, and boost the overall quality of your A/P processes.