Top Reasons Why You Should Automate Accounts Payable
While tech makes Accounts Payable payment automation indispensable for a number of corporations, 60 % of companies in the United States are not aware of the many advantages to A/P automation. Leveraging software to utilize the process in manner that is seamless and trouble-free, the following are our best 5 reasons why you should automate.
Accounts Payable automation lets A/P to correctly project its outstanding cash requirements, therefore removing estimation. With better transparency from A/P automation, awareness into the process allows your A/P department to deal with tasks and things which will effect your department with value add actions.
Improve central controls
A manual A/P process is susceptible to fraudulent activity. You increase the pitfalls of human error, overdue payments, missing invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that stop and discourage fraudulent activity.
Capitalize on Visibility
The outdated manual practice suffers from lack of awareness, in which can result in neglecting to acknowledge a portion of liabilities. This may understate expenses thereby overstate revenue, that may cause accounting and reporting abnormalities and ultimately fraudulent activity. A/P automation provides a whole audit trail of each and every step in the process, and permits management to promptly solve potential troubles.
Your vendors prefer a more efficient payment process. Easier payments result in special discounts and savings for you. Whenever you pay your customers by way of virtual credit card, which is an individual issued credit card for a one-time use, you will earn monthly cash back incentives. It’s jointly good for Accounts Payable and Accounts Receivable. Your clients experience more efficient, seamless payments and your A/P Department pivots to a cash generator.
Avoid error, delay, and avoidable costs with an automated A/P process. A/P mistakes can be very expensive and use up many resources to manually clear up. With click here payment automation, you see where, when and why issues transpired. Contrary to the manual method, with automation you’ll have the ability to systematically address and eliminate errors to improve quality.
A/P payment automation will save you cash, earn you additional earnings, decrease the risks of fraud, get your operations better transparency, fulfill your customers’ needs, and enhance the overall quality of your A/P processes.