Top Reasons Why You Should Automate Accounts Payable
Even though modern technology has made Accounts Payable payment automation simple for numerous businesses, 60 percent of businesses in the US are unaware of the numerous advantages of A/P automation. Leveraging software applications to implement the process in manner that is seamless and trouble-free, the following are our best five reasons to automate.
Accounts Payable automation enables A/P to correctly project its pending cash specifications, accordingly removing guess work. With better transparency from A/P automation, visibility into the process allows your A/P department to focus on tasks and priorities that will effect your department with value added actions.
Reinforce central controls
A manual A/P method is vulnerable to fraud. You increase the pitfalls of human error, late payments, lost invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that put a stop to and discourage fraudulent activity.
The outdated manual practice suffers from insufficient visibility, wherein can result in failing to recognize a part of risks. This could understate operating expenses thereby overstate revenue, which can result in accounting and reporting malfunctions and ultimately fraudulent activity. A/P automation offers an entire audit trail of each step in the process, and permits management to rapidly correct possible problems.
Your vendors prefer a more efficient payment process. Easier payments result in special discounts and cost savings for you. If you pay your clients by way of virtual credit card, which is a single issued credit card for a one-time use, you earn monthly cash rebates. It’s jointly good for Accounts Payable website and Accounts Receivable. Your customers experience more efficient, streamlined payments and your A/P Department pivots to click here a revenue generator.
Avoid error, delay, and needless costs with an automated A/P process. A/P errors are costly and take many resources to manually remedy. With payment automation, you will see where, when and why mistakes took place. Unlike the manual process, with automation you’ll be able to methodically address and get rid of issues to enhance quality.
A/P payment automation can help you save cash, earn you extra cash, decrease the risks of fraud, provide your operations more transparency, fulfill the customers’ needs, and enrich the total quality of your A/P processes.