Top Reasons Why You Should Automate Accounts Payable
Even though tech makes Accounts Payable payment automation a standard for a number of corporations, 60 percent of corporations in the US are not aware of the numerous advantages of A/P automation. Leveraging software applications to apply the method in manner that is seamless and easy, here are our main five reasons why you should automate.
Accounts Payable automation lets A/P to correctly project its outstanding cash requirements, consequently removing guesswork. With increased transparency from A/P automation, awareness into the process allows your A/P department to focus on tasks and things that can effect your department with value add activities.
Reinforce central controls
A manual A/P process is vulnerable to fraud. You multiply the issues of human error, overdue payments, lost invoices, and the dreaded rush invoices. An automated A/P process embeds controls that stop and deter fraudulent activity.
The outdated manual practice is affected with lack of awareness, wherein can result in failing to realize a segment of risks. This could understate expenses thereby overstate income, that may cause accounting and reporting irregularities and ultimately fraudulent activity. A/P automation delivers a whole audit trail of every step in the method, and enables management to promptly deal with possible troubles.
Your vendors prefer a more effective payment method. Easier payments result in savings and cost savings for you. When click here you pay your customers by means of virtual card, which is a single issued card for a one-time use, you receive monthly cash back incentives. It’s equally good for Accounts Payable and Accounts Receivable. Your clients benefit from more efficient, streamlined payments and your A/P Department pivots to a revenue generator.
Prevent error, get more info delay, and avoidable costs with an automated A/P process. A/P errors may be very costly and take many resources to manually correct. With payment automation, you will see where, when and why issues occurred. Unlike the manual procedure, with automation you’ll be able to systematically address and eliminate problems to increase quality.
A/P payment automation can help you save cash, earn you extra income, reduce the risks of fraudulent activity, bring your operations better transparency, fulfill your customers’ needs, and advance the total quality of your A/P processes.