Top Reasons Why You Should Automate Accounts Payable
Although modern technology makes Accounts Payable payment automation simple for many companies, 60 percent of companies in the USA 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, here are our major five reasons why you should automate.
Cash Optimization
Accounts Payable automation lets A/P to accurately project its outstanding cash specifications, accordingly eliminating uncertainty. With increased transparency from A/P automation, visibility into the process allows your A/P department to deal with tasks and priorities that will impact your department with value added activities.
Enhance internal controls
A manual A/P method is susceptible to fraudulent activity. You multiply the challenges of human oversight, late payments, missing invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that put a stop to and deter fraud.
Boost Exposure
The outdated manual method is affected with insufficient visibility, through which can result in failing to recognize a segment of risks. This may understate expenses thereby overstate earnings, that here may lead to accounting and reporting malfunctions and ultimately fraudulent activity. A/P automation produces a complete audit trail of each part of the method, and allows management to rapidly handle possible complications.
Please Clients
Your suppliers prefer a more efficient payment method. Easier payments result in savings and cost savings for you. Whenever you pay your customers via virtual credit card, which is an individual issued card for a one-time use, you earn monthly cash back incentives. It’s jointly beneficial for Accounts Payable and Accounts Receivable. Your customers experience more efficient, streamlined payments and your A/P Department pivots to check here a revenue generator.
Enhance Quality
Avoid error, delay, and unnecessary costs with an automated A/P process. A/P problems can be very expensive and consume many resources to manually fix. With payment automation, you see where, when and why faults happened. Contrary to the manual method, with automation you’ll be in a position to systematically address and reduce errors to increase quality.
A/P payment automation can save you cash, earn you extra cash, reduce the risks of fraudulent activity, provide your operations greater transparency, fulfill the customers’ needs, and enrich the overall quality of your A/P processes.