Top Reasons Why You Should Automate Accounts Payable
While modern technology makes Accounts Payable payment automation a standard for a lot of organizations, 60 percent of organizations in the United States are unaware of the numerous benefits of A/P automation. Leveraging software programs to utilize the method in manner that is seamless and trouble-free, listed here are our main five reasons why you should automate.
Accounts Payable automation allows A/P to accurately project its pending cash requirements, consequently eliminating guess work. With better transparency from A/P automation, visibility into the process allows your A/P department to focus on activities and things which will impact your department with value added activities.
Strengthen internal controls
A manual A/P method is prone to fraud. You multiply the issues of human error, late payments, lost invoices, and the dreaded rush invoices. An automated A/P process embeds controls that stop and discourage fraudulent activity.
The outdated manual practice is affected with lack of visibility, by which can result in failing to realize a segment of liabilities. This may understate expenditures as well as overstate earnings, that may cause accounting and reporting irregularities and ultimately fraud. A/P automation produces a total audit trail of each and every step in the process, and enables management to promptly handle possible difficulties.
Your suppliers want a more beneficial payment process. More efficient payments result in special offers and savings for you. Whenever you pay your customers with virtual credit card, which is a single issued card for a one-time use, you will earn monthly cash back incentives. It’s collectively good for Accounts Payable and Accounts Receivable. Your customers experience more efficient, streamlined payments and your A/P Department pivots to a revenue generator.
Prevent error, delay, and avoidable costs with an automated A/P process. A/P mistakes are costly and use up many resources to manually clear up. With payment automation, you can see where, when and why mistakes transpired. here Unlike the manual method, with automation you’ll be able here to systematically address and get rid of issues to enhance quality.
A/P payment automation can help you save cash, earn you additional profit, decrease the risks of fraud, bring your operations greater transparency, satisfy your customers’ demands, and enrich the overall quality of your A/P processes.