Top Reasons to Automate Accounts Payable
Even though tech has made Accounts Payable payment automation simple for a lot of companies, 60 % of businesses in the United States are unaware of the many advantages of A/P automation. Leveraging software programs to implement the method in manner that is seamless and convenient, listed here are our top 5 reasons to automate.
Accounts Payable automation lets A/P to correctly project its outstanding cash requirements, accordingly removing uncertainty. With increased transparency from A/P automation, visibility into the process allows your A/P department to concentrate on activities and things which will impact your department with value added activities.
Improve internal controls
A manual A/P process is prone to fraudulent activity. 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 fraud.
The outdated manual process is affected with lack of awareness, by which can result in neglecting to recognize a segment of risks. This may understate operating expenses as well as overstate income, which could contribute to accounting and reporting abnormalities and ultimately fraudulent activity. A/P automation produces a complete audit trail of each and every part of the method, and lets management to promptly fix possible complications.
Your vendors want a more beneficial payment process. More efficient payments result in special offers and savings for you. When you pay your customers via website virtual card, which is a single issued credit card for a one-time use, you earn monthly cash back incentives. It’s collectively good for Accounts Payable and Accounts Receivable. Your customers experience more efficient, seamless payments and your A/P Department pivots to a income generator.
Prevent error, delay, and unnecessary costs with an automated A/P process. A/P problems are costly and more info use up many resources to manually correct. With payment automation, you see where, when and why errors transpired. Unlike the manual method, with automation you’ll be able to methodically address and get rid of errors to increase quality.
A/P payment automation will save you cash, earn you additional profit, reduce the risks of fraud, get your operations more transparency, satisfy your customers’ demands, and improve the overall quality of your A/P processes.