Top Reasons Why You Should Automate Accounts Payable
Despite the fact that modern technology has made Accounts Payable payment automation simple for a number of businesses, 60 percent of organizations in the US are unaware of the countless benefits of A/P automation. Leveraging software programs to apply the process in manner that is seamless and trouble-free, here are our main five reasons why you should automate.
Accounts Payable automation enables A/P to accurately project its pending cash specifications, accordingly removing estimation. With increased transparency from A/P automation, visibility into the system allows your A/P department to give attention to activities and things which will effect your department with value add actions.
Strengthen internal controls
A manual A/P process is subject to fraudulent activity. You multiply the pitfalls of human oversight, overdue payments, missing invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that stop and discourage fraud.
The outdated manual practice suffers from lack of visibility, wherein can result in neglecting to realize a portion of risks. This may understate expenditures thereby overstate earnings, which could result in accounting and reporting malfunctions and ultimately fraud. A/P automation offers an entire audit trail of each and every website part of the method, and enables management to promptly deal with potential issues.
Your suppliers would like a more effective get more info payment process. More efficient payments result in special offers and savings for you. When you pay your customers via virtual credit card, which is a single issued card for a one-time use, you earn monthly cash rebates. 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 profit generator.
Prevent error, delay, and needless costs with an automated A/P process. A/P read more mistakes are costly and use up many resources to manually fix. With payment automation, you see where, when and why mistakes took place. Contrary to the manual process, with automation you’ll have the ability to methodically address and reduce errors to enhance quality.
A/P payment automation can help you save cash, earn you additional cash, reduce the risks of fraud, bring your operations greater transparency, meet your customers’ demands, and enrich the overall quality of your A/P processes.