Top Reasons Why You Should Automate Accounts Payable
While tech has made Accounts Payable payment automation simple for a number of companies, 60 % of corporations in the United States are unaware of the numerous advantages of A/P automation. Leveraging software programs to implement the method in manner that is seamless and trouble-free, here are our top 5 reasons to automate.
Cash Optimization
Accounts Payable automation allows A/P to correctly project its outstanding cash specifications, accordingly removing guess work. With greater transparency from A/P automation, visibility into the system allows your A/P department to deal with tasks and things that will effect your department with value added actions.
Reinforce internal controls
A manual A/P method is vulnerable to fraud. You add to the threats of human error, late payments, lost invoices, and the dreaded rush invoices. An automated A/P process embeds controls that avoid and deter fraud.
Increase Visibility
The outdated manual method suffers from lack of visibility, through which can result in failing to recognize a segment of liabilities. This could understate operating expenses thereby overstate earnings, that may trigger accounting and reporting malfunctions and ultimately fraudulent activity. here A/P automation offers a whole audit trail of every part of the process, and makes it possible for management to quickly resolve potential difficulties.
Please Customers
Your vendors prefer a more effective payment method. More efficient payments result in special discounts and savings for you. Whenever you pay your customers with virtual card, which is a single issued card for a one-time use, you earn 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.
Improve Quality
Avoid error, delay, check here and unneeded costs with an automated A/P process. A/P mistakes may be very costly and take many resources to manually handle. With payment automation, you see where, when and why faults occurred. Unlike the manual method, with automation you’ll be in a position to methodically address and eliminate errors to enhance quality.
A/P payment automation will save you cash, earn website you extra earnings, decrease the risks of fraud, bring your operations increased transparency, fulfill your customers’ demands, and boost the total quality of your A/P processes.