Top Reasons Why You Should Automate Accounts Payable
Although modern technology makes Accounts Payable payment automation simple for a number of corporations, 60 percent of businesses in the United States are unaware of the many advantages to A/P automation. Leveraging software to apply the method in manner that is seamless and trouble-free, here are our main 5 reasons to automate.
Cash Optimization
Accounts Payable automation enables A/P to correctly project its outstanding cash specifications, therefore removing guesswork. With more transparency from A/P automation, visibility into the system allows your A/P department to deal with tasks and priorities which will impact your department with value added activities.
Improve central controls
A manual A/P method is subject to fraudulent activity. You add to the threats of human oversight, overdue payments, lost invoices, and the dreaded rush invoices. An automated A/P process embeds controls that put a stop to and discourage fraudulent activity.
Enhance Awareness
The obsolete manual practice is affected with insufficient visibility, through which can result in failing to recognize a part of liabilities. This may understate operating expenses as well as overstate revenue, which could contribute to accounting and reporting abnormalities and ultimately fraudulent activity. A/P automation produces a whole audit trail of each and every part of the method, and makes it possible for management to promptly correct possible difficulties.
Please Customers
Your suppliers would like a more efficient payment method. More efficient payments result in savings and cost savings for you. When you pay your clients by means of virtual card, which is a single issued card for a one-time use, you generate monthly cash back accounts payable solutions incentives. It’s jointly good for Accounts Payable and Accounts Receivable. Your clients benefit from more efficient, streamlined payments and your A/P Department pivots to a revenue generator.
Enhance Quality
Avoid error, delay, and avoidable costs with an automated read more A/P process. A/P errors are expensive and take many resources to manually correct. With payment automation, you can see where, when and why problems happened. Contrary to the manual process, with automation you’ll be able to methodically address and reduce mistakes to boost quality.
A/P payment automation can save you cash, earn you extra cash, reduce the risks of fraud, get your operations more transparency, satisfy the customers’ demands, and enhance the total quality of your A/P processes.