Top Reasons Why You Should Automate Accounts Payable
Even though tech makes Accounts Payable payment automation a standard for a number of businesses, 60 percent of corporations in the United States are unaware of the many advantages to A/P automation. Leveraging software programs to apply the process in manner that is seamless and convenient, the following are our best five reasons to automate.
Accounts Payable automation enables A/P to correctly project its pending cash specifications, therefore eliminating estimation. With increased transparency from A/P automation, visibility into the process allows your A/P department to concentrate on tasks and things that will effect your department with value added actions.
Improve central controls
A manual A/P method is subject to fraudulent activity. You raise the pitfalls of human error, late payments, missing invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that put a stop to and deter fraudulent activity.
The obsolete manual process suffers from insufficient awareness, through which can result in failing to acknowledge a portion of liabilities. This may understate expenses thereby overstate revenue, that may cause accounting and reporting abnormalities and ultimately fraud. A/P automation produces an entire audit trail of each and every step in the process, and enables management to rapidly fix potential issues.
Your suppliers prefer a more beneficial payment method. Easier payments result check here in special offers and cost savings for you. When you pay your clients via virtual credit card, which is a single issued credit card for a one-time use, you generate monthly cash back incentives. It’s collectively good for Accounts Payable and Accounts Receivable. Your customers benefit from more efficient, seamless payments and your A/P Department pivots to a profit generator.
Avoid error, delay, and unneeded costs with an automated A/P process. A/P mistakes can be very expensive and use up many resources to manually correct. With payment automation, you see where, when and why mistakes occurred. Unlike the manual process, with automation you’ll be in a position to methodically address and reduce issues to increase quality.
A/P payment automation will save you cash, earn here you additional profit, lessen the risks of fraudulent activity, get your operations increased transparency, meet the customers’ needs, and advance the total quality of your A/P processes.