Top Reasons Why You Should Automate Accounts Payable
Despite the fact that tech makes Accounts Payable payment automation simple for many organizations, 60 % of corporations in the US are not aware of the countless benefits of A/P automation. Leveraging software to apply the process in manner that is seamless and easy, the following are our major five reasons why you should automate.
Accounts Payable automation enables A/P to correctly project its outstanding cash specifications, therefore getting rid of guess work. With increased transparency from A/P automation, awareness into the system allows your A/P department to deal with activities and priorities which will effect your department with value added activities.
Enhance central controls
A manual A/P process is susceptible to fraudulent activity. You increase the challenges of human oversight, late payments, missing invoices, and the dreaded rush invoices. An automated A/P process embeds controls that put a stop to and deter fraudulent activity.
The obsolete manual practice is affected with insufficient visibility, through which can result in neglecting to recognize a segment website of liabilities. This can understate expenditures and therefore overstate earnings, that may result in accounting and reporting malfunctions and ultimately fraudulent activity. A/P automation provides a whole audit trail of each part of the process, and enables management to rapidly fix possible troubles.
Your vendors want a more beneficial payment method. Easier payments result in special discounts and savings for you. When you pay your customers by way of virtual card, which is a single issued card for a one-time use, you earn monthly cash rebates. It’s collectively beneficial for Accounts Payable and Accounts Receivable. Your clients experience more efficient, seamless payments and your A/P Department pivots to a revenue generator.
Avoid error, delay, and avoidable costs with an automated A/P process. A/P mistakes can be very expensive and take many resources to manually solve. With payment automation, you can see where, when and why problems took place. Contrary to the manual procedure, with automation you’ll be in a position to methodically address and reduce problems to increase 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’ demands, and enrich the overall quality of your A/P processes.