Top Reasons Why You Should Automate Accounts Payable
Even though tech makes Accounts Payable payment automation simple for a lot of businesses, 60 percent of companies in the USA are unaware of the numerous benefits associated with A/P automation. Leveraging software to utilize the process in manner that is seamless and easy, listed here are our best 5 reasons to automate.
Accounts Payable automation enables A/P to correctly project its pending cash requirements, therefore getting rid of estimation. With more transparency from A/P automation, awareness into the process allows your A/P department to deal with tasks and things that can effect your department with value added actions.
Reinforce central controls
A manual A/P process is prone to fraud. You increase the pitfalls of human oversight, late payments, lost invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that put a stop to and deter fraud.
Capitalize on website Awareness
The obsolete manual process is affected with lack of awareness, through which can result in failing to realize a part of liabilities. This can understate expenses thereby overstate earnings, that may result in accounting and reporting irregularities and ultimately fraud. A/P automation provides a whole audit trail of each step in the process, and makes it possible for management to quickly fix possible troubles.
Your vendors want a more beneficial payment process. Easier payments result in discount rates and savings for you. Whenever you pay your customers with virtual credit card, which is a single 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, seamless payments and your A/P Department pivots to a profit generator.
Prevent error, delay, and pointless costs with an automated A/P process. A/P errors are expensive and consume many resources to manually remedy. read more With payment automation, you see where, when and why issues transpired. Contrary to the manual method, with automation you’ll have the ability to systematically address and get rid of errors to boost quality.
A/P payment automation can help you save cash, earn you additional cash, lessen the risks of fraudulent activity, get your operations greater transparency, meet your customers’ needs, and improve the total quality of your A/P processes.