Top Reasons to Automate Accounts Payable
While tech makes Accounts Payable payment automation simple for numerous corporations, 60 % of businesses in the United States do not know of the numerous benefits of A/P automation. Leveraging software to implement the method in manner that is seamless and easy, the following are our best 5 reasons to automate.
Accounts Payable automation allows A/P to accurately project its outstanding cash specifications, consequently eliminating speculation. With more transparency from A/P automation, awareness into the system allows your A/P department to deal with activities and things which will effect your department with value add activities.
Strengthen internal controls
A manual A/P method is susceptible to fraud. You multiply the issues of human oversight, overdue payments, missing invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that prevent and deter fraudulent activity.
The obsolete manual method is affected with insufficient visibility, by which can result in neglecting to realize a part of liabilities. This could understate operating expenses and therefore overstate earnings, which could result in accounting and reporting malfunctions and ultimately fraudulent activity. A/P automation produces a complete audit trail of each part of the process, and permits management to promptly handle potential problems.
Your vendors prefer a more efficient payment process. Easier payments result in deals and savings for you. When you pay your clients with accounts payable solutions virtual credit card, which is a single issued credit card for a one-time use, you receive monthly cash rebates. It’s mutually good for Accounts Payable and Accounts Receivable. Your customers experience more efficient, streamlined payments and your A/P Department here pivots to a revenue generator.
Avoid error, delay, and pointless costs with an automated A/P process. A/P mistakes can be very expensive and consume many resources click here to manually solve. With payment automation, you see where, when and why faults happened. In contrast to the manual process, with automation you’ll be in a position to systematically address and eliminate problems to improve quality.
A/P payment automation can help you save cash, earn you additional revenue, decrease the risks of fraud, get your operations better transparency, meet your customers’ demands, and boost the overall quality of your A/P processes.