Top Reasons Why You Should Automate Accounts Payable
While modern technology makes Accounts Payable payment automation simple for numerous corporations, 60 % of corporations in the United States are not aware of the many advantages of A/P automation. Leveraging software programs to apply the process in manner that is seamless and effortless, here are our major five reasons to automate.
Cash Optimization
Accounts Payable automation enables A/P to accurately project its pending cash requirements, therefore removing guesswork. With more transparency from A/P automation, visibility into the system allows your A/P department to concentrate on tasks and priorities which will impact your department with value add actions.
Improve central controls
A manual A/P method is susceptible to fraud. You add to the threats of human oversight, late payments, missing invoices, and the dreaded rush invoices. An automated A/P process embeds controls that prevent and deter fraud.
Optimize Visibility
The outdated manual method suffers from lack of visibility, wherein can result in neglecting to identify a segment of liabilities. This can understate expenditures thereby overstate income, which can cause accounting and reporting malfunctions and ultimately fraud. A/P automation provides read more a complete audit trail of every part of the process, and enables management to rapidly fix potential issues.
Please Customers
Your vendors prefer a more beneficial payment method. Easier payments result in special discounts and cost savings for you. When you pay your clients by way of virtual card, which is a single issued credit card for a one-time use, you receive monthly cash back incentives. It’s equally good for Accounts check here Payable and Accounts Receivable. Your customers benefit from more efficient, seamless payments and your A/P Department pivots to a profit generator.
Improve Quality
Avoid error, delay, and pointless costs with an automated A/P process. A/P errors may be very costly and consume many resources to manually clear up. With payment automation, you can see where, when and why faults transpired. Unlike the manual process, with automation you’ll have the ability to systematically address and get rid of problems to increase quality.
A/P payment automation can help you save cash, earn you extra profit, decrease the risks of fraud, bring your operations greater transparency, satisfy the customers’ demands, and enrich the total quality of your A/P processes.