Top Reasons Why You Should Automate Accounts Payable
Although tech makes Accounts Payable payment automation simple for numerous corporations, 60 % of corporations in the US do not know of the numerous advantages to A/P automation. Leveraging software to utilize the process in manner that is seamless and effortless, here are our major 5 reasons to automate.
Accounts Payable automation lets A/P to accurately project its outstanding cash requirements, therefore eliminating estimation. With better transparency from A/P automation, awareness into the process allows your A/P department to give attention to activities and priorities which will effect your department with value add activities.
Enhance internal controls
A manual A/P process is prone to fraudulent activity. You increase the pitfalls of human oversight, late payments, missing invoices, and the dreaded rush invoices. An automated A/P process embeds controls that avoid and discourage fraud.
The outdated manual process suffers from insufficient visibility, wherein can result in neglecting to recognize a segment of liabilities. This can understate expenses and therefore overstate revenue, that may result in accounting and reporting malfunctions and ultimately fraud. A/P automation offers a complete audit trail of every part of the process, and enables management to here rapidly handle possible troubles.
Your vendors want a more beneficial payment method. Easier payments result in discounts and cost savings for you. Whenever you pay your customers by means of virtual card, which is a single issued card for a one-time use, you generate monthly cash back incentives. It’s jointly beneficial for Accounts Payable and Accounts Receivable. Your clients experience more efficient, seamless payments and your A/P Department pivots to a revenue generator.
Prevent error, delay, and unnecessary costs with an automated A/P process. A/P problems are costly and consume many resources to manually handle. With payment automation, you see where, when and why issues transpired. Unlike the manual procedure, with automation you’ll have the ability to methodically address and reduce issues to boost here quality.
A/P payment automation can save you cash, earn you additional revenue, decrease the risks of fraud, get your operations more transparency, meet your customers’ demands, and enhance the overall quality of your A/P processes.