Top Reasons Why You Should Automate Accounts Payable
While technology has made Accounts Payable payment automation a standard for many organizations, 60 percent of businesses in the United States are not aware of the many advantages of A/P automation. Leveraging software programs to utilize the process in manner that is seamless and effortless, here are our best 5 reasons why you should automate.
Cash Optimization
Accounts Payable automation enables A/P to correctly project its pending cash requirements, therefore removing guesswork. With more transparency from A/P automation, awareness into the process allows your A/P department to focus on tasks and priorities that will effect your department with value add activities.
Enhance central controls
A manual A/P process is vulnerable to fraud. You add to the threats of human error, overdue payments, missing invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that avoid and deter fraud.
Increase Awareness
The outdated manual method suffers from lack of awareness, wherein can result in failing to identify a part of liabilities. This may understate expenses as well as overstate income, which could lead to accounting and reporting malfunctions and ultimately fraudulent activity. A/P automation offers a total audit trail of here each and every step in the method, and makes it possible for management to quickly deal with potential troubles.
Satisfy Customers
Your vendors would like a more effective payment process. Easier payments result in discounts and savings for you. Whenever you pay your clients via virtual card, which is a single issued card for a one-time use, you will earn monthly cash back incentives. It’s collectively beneficial for Accounts Payable and Accounts Receivable. Your clients experience more efficient, streamlined payments and your A/P Department pivots to a income generator.
Improve Quality
Prevent error, delay, and pointless costs with an automated A/P process. A/P errors are expensive and use up many resources to manually remedy. With payment automation, you see where, when and why errors happened. In contrast to the manual method, with automation you’ll have the ability to methodically address and get rid of problems to increase quality.
A/P payment automation can help you save cash, earn you additional profit, decrease the risks of fraud, get your click here operations increased transparency, meet your customers’ needs, and advance the total quality of your A/P processes.