Top Reasons Why You Should Automate Accounts Payable
While tech has made Accounts Payable payment automation indispensable for a number of corporations, 60 percent of businesses in the United States are unaware of the many advantages of A/P automation. Leveraging software to implement the method in manner that is seamless and trouble-free, the following are our main five reasons why you should automate.
Accounts Payable automation enables A/P to correctly project its pending cash specifications, accordingly eliminating guess work. With better transparency from A/P automation, visibility into the process allows your A/P department to focus on tasks and priorities which will effect your department with value added actions.
Enhance internal controls
A manual A/P method is prone to fraud. You add to the risks of human oversight, overdue payments, missing invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that avoid and deter fraud.
Capitalize on Visibility
The outdated manual process is affected with lack of visibility, through which can result in neglecting to realize a part of liabilities. This could understate expenditures thereby overstate income, that may contribute to accounting and reporting irregularities and ultimately fraud. A/P automation produces a complete audit trail of each step in the method, and permits management to promptly handle potential complications.
Your vendors would like a more efficient payment method. Easier payments result in special discounts and savings for you. When you pay website your customers via virtual credit card, which is an individual issued credit card for a one-time use, you will earn monthly cash back incentives. It’s mutually good for Accounts Payable and Accounts Receivable. Your clients benefit from more efficient, seamless payments and your A/P Department pivots to a cash generator.
Avoid error, delay, and unneeded costs with an automated A/P process. A/P problems are expensive and take many resources to manually remedy. With payment automation, you see where, when and why problems transpired. Unlike the manual procedure, with automation you’ll have the ability to systematically here address and get rid of errors to boost quality.
A/P payment automation can help you save cash, earn you additional earnings, reduce the risks of fraud, get your operations increased transparency, fulfill your customers’ needs, and enhance the total quality of your A/P processes.