Top Reasons to Automate Accounts Payable
Although technology has made Accounts Payable payment automation a standard for numerous corporations, 60 % of corporations in the United States are not aware of the countless advantages of A/P automation. Leveraging software applications to utilize the method in manner that is seamless and convenient, here are our best five reasons to automate.
Accounts Payable automation lets A/P to accurately project its pending cash specifications, accordingly getting rid of estimation. With better transparency from A/P automation, awareness into the system allows your A/P department to give attention to tasks and priorities that will impact your department with value added actions.
Reinforce central controls
A manual A/P process is at risk of fraud. You multiply the risks of human error, late payments, missing invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that prevent and deter fraud.
The obsolete manual process suffers from insufficient awareness, through which can more info result in failing to acknowledge a part of risks. This can understate expenses and therefore overstate revenue, which can result in accounting and reporting irregularities and ultimately fraudulent activity. A/P automation offers a whole audit trail of every part of the method, and permits management to quickly fix possible troubles.
Your vendors prefer a more efficient payment process. More efficient payments result in special offers and cost savings for you. When you pay your clients via virtual credit card, which is check here an individual issued card for a one-time use, you earn monthly cash back incentives. It’s mutually beneficial for Accounts Payable and Accounts Receivable. Your clients benefit from more efficient, streamlined payments and your A/P Department pivots to a cash generator.
Avoid error, delay, read more and unnecessary costs with an automated A/P process. A/P mistakes are expensive and use up many resources to manually correct. With payment automation, you will see where, when and why mistakes happened. Unlike the manual procedure, with automation you’ll have the ability to methodically address and get rid of issues to improve quality.
A/P payment automation can help you save cash, earn you extra profit, lessen the risks of fraudulent activity, bring your operations more transparency, satisfy your customers’ needs, and advance the total quality of your A/P processes.