Top Reasons Why You Should Automate Accounts Payable
Despite the fact that technology has made Accounts Payable payment automation a standard for numerous companies, 60 % of businesses in the US are unaware of the countless benefits of A/P automation. Leveraging software to utilize the method in manner that is seamless and convenient, listed here are our main five reasons why you should automate.
Cash Optimization
Accounts Payable automation enables A/P to accurately project its pending cash requirements, consequently removing guess work. With more transparency from A/P automation, visibility into the system allows your A/P department to deal with tasks and priorities which will effect your department with value add activities.
Reinforce central controls
A manual A/P method is at risk of fraudulent activity. You add to the challenges of human error, late payments, lost invoices, and the dreaded rush invoices. An automated A/P process embeds controls that stop and deter fraud.
Optimize Exposure
The obsolete manual process is affected with lack of visibility, by which can result in neglecting to recognize a part of liabilities. This could understate expenditures as well as overstate earnings, that may contribute to accounting and reporting malfunctions and ultimately fraud. A/P automation offers a total audit trail of each and every step in the method, and lets management to rapidly resolve website potential problems.
Please Clients
Your suppliers would like a more efficient payment process. Easier payments accounts payable automation result in special offers and savings for you. If you pay your customers by way of virtual credit card, which is a single issued card for a one-time use, you will earn monthly cash rebates. It’s equally good for Accounts Payable and Accounts Receivable. Your customers benefit from more efficient, seamless payments and your A/P Department pivots to a revenue generator.
Improve Quality
Avoid error, delay, and pointless costs with an automated A/P check here process. A/P errors can be very expensive and take many resources to manually handle. With payment automation, you see where, when and why errors happened. In contrast to the manual procedure, with automation you’ll be able to systematically address and get rid of problems to increase quality.
A/P payment automation will save you cash, earn you additional revenue, reduce the risks of fraud, bring your operations increased transparency, fulfill your customers’ demands, and enrich the overall quality of your A/P processes.