Top Reasons Why You Should Automate Accounts Payable
While tech makes Accounts Payable payment automation simple for a lot of organizations, 60 percent of corporations in the US are unaware of the countless benefits associated with A/P automation. Leveraging software programs to utilize the process in manner that is seamless and trouble-free, the following are our main 5 reasons why you should automate.
Cash Optimization
Accounts Payable automation enables A/P to accurately project its outstanding cash specifications, therefore getting rid of guesswork. With more transparency from A/P automation, visibility into the system allows your A/P department to concentrate on tasks and things which will impact your department with value added actions.
Strengthen central controls
A manual A/P method is at risk of fraud. You increase the pitfalls of human error, overdue payments, lost invoices, and the dreaded rush invoices. An automated A/P process embeds controls that put a stop to and deter fraudulent activity.
Boost Exposure
The outdated manual practice suffers from lack of awareness, wherein can result in failing to acknowledge a portion of liabilities. This could understate operating expenses and therefore overstate earnings, that may lead to accounting and reporting malfunctions and ultimately fraudulent activity. A/P automation delivers a total audit trail of each part of the method, and allows management to swiftly resolve potential troubles.
Please Clients
Your vendors would like a more beneficial payment process. Easier payments result in discounts and cost savings for you. If you pay your clients with virtual credit card, which is an individual issued card for a one-time use, you generate monthly cash rebates. It’s collectively beneficial for Accounts Payable and Accounts Receivable. Your customers experience more efficient, streamlined payments and your A/P click here Department pivots to a revenue generator.
Enhance Quality
Avoid error, delay, and avoidable costs with an automated A/P process. A/P problems are expensive and consume many resources to manually fix. With payment automation, you see where, when and why problems occurred. Contrary to the manual process, with automation you’ll be able to systematically address and reduce mistakes to boost quality.
A/P payment automation can help you save cash, earn you additional cash, reduce the risks of fraud, get your operations better transparency, fulfill the customers’ needs, and enrich the overall quality of your A/P processes.