Top Reasons Why You Should Automate Accounts Payable
While technology makes Accounts Payable payment automation a standard for a lot of companies, 60 % of corporations in the US are unaware of the many advantages of A/P automation. Leveraging software programs to implement the process in manner that is seamless and convenient, here are our top 5 reasons why you should automate.
Cash Optimization
Accounts Payable automation enables A/P to accurately project its outstanding cash requirements, therefore eliminating speculation. With more transparency from A/P automation, awareness into the process allows your A/P department to concentrate on activities and priorities that can impact your department with value added activities.
Enhance internal controls
A manual A/P method is subject to fraud. You multiply the challenges of human oversight, overdue payments, lost invoices, and the dreaded rush invoices. An automated A/P process embeds controls that avoid and deter fraudulent activity.
Improve Visibility
The outdated manual method suffers from lack of visibility, by which can result in failing to realize a part of liabilities. This may understate expenditures thereby overstate income, which can contribute to accounting and reporting malfunctions and ultimately fraud. A/P automation offers a whole audit trail of every part of the process, and lets management to quickly resolve potential troubles.
Satisfy Clients
Your suppliers want a more efficient payment method. Easier payments result in discount rates and savings for you. If you pay your clients by way of virtual credit card, which is a single issued card for a one-time use, you will earn monthly cash rebates. It’s jointly beneficial for Accounts Payable and Accounts Receivable. Your clients benefit from more efficient, seamless payments and your A/P Department pivots to a cash check here generator.
Improve Quality
Avoid error, delay, and avoidable costs with an automated A/P process. A/P problems are expensive and use up many resources to manually clear up. With payment automation, you can see where, when and why mistakes happened. In contrast to the manual website method, with automation you’ll have the ability to systematically address and eliminate mistakes to enhance quality.
A/P payment automation can save you cash, earn you extra revenue, lessen the risks of fraudulent activity, get your operations increased transparency, meet the customers’ needs, and boost the overall quality of your A/P processes.