Top Reasons Why You Should Automate Accounts Payable
While modern technology makes Accounts Payable payment automation a standard for a lot of corporations, 60 % of businesses in the USA are unaware of the many advantages of A/P automation. Leveraging software programs to utilize the method in manner that is seamless and convenient, the following are our top five reasons why you should automate.
Accounts Payable automation enables A/P to accurately project its pending cash requirements, consequently getting rid of guess work. With more transparency from A/P automation, visibility into the system allows your A/P department to focus on tasks and things that can effect your department with value added activities.
Enhance internal controls
A manual A/P method is at risk of fraud. You raise the risks of human oversight, late payments, missing invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that avoid and discourage fraud.
Capitalize on Exposure
The outdated manual method suffers from insufficient visibility, in which can result in failing to recognize a part of liabilities. This could understate expenses as well as overstate income, which could result in accounting and reporting malfunctions and ultimately fraudulent activity. A/P automation provides an entire audit trail of each part of the process, and lets management to quickly correct potential difficulties.
Your vendors prefer a more efficient payment process. Easier ap automation payments result in special offers and cost savings for you. If you pay your clients with virtual card, which is an individual issued credit card for a one-time use, you earn monthly cash rebates. It’s jointly good for Accounts Payable more info and Accounts Receivable. Your clients experience more efficient, seamless payments and your A/P Department pivots to a revenue generator.
Prevent error, delay, and needless costs with an automated A/P process. A/P mistakes may be very costly and take many resources to manually handle. With payment automation, you see where, when and why mistakes occurred. Contrary to the manual procedure, with automation you’ll be able to systematically address and reduce issues to improve quality.
A/P payment automation can save you cash, earn you extra revenue, reduce the risks of fraudulent activity, provide your operations better transparency, satisfy the customers’ demands, and boost the overall quality of your A/P processes.