Top Reasons Why You Should Automate Accounts Payable
Although technology has made Accounts Payable payment automation indispensable for many organizations, 60 % of businesses in the United States do not know of the many benefits of A/P automation. Leveraging software to implement the process in manner that is seamless and effortless, the following are our main 5 reasons why you should automate.
Cash Optimization
Accounts Payable automation lets A/P to correctly project its pending cash specifications, accordingly getting rid of guess work. With more transparency from A/P automation, visibility into the system allows your A/P department to concentrate on tasks and things that will impact your department with value added actions.
Improve central controls
A manual A/P method is subject to fraud. You raise the challenges of human error, late payments, missing invoices, and the dreaded rush invoices. An automated A/P process embeds controls that avoid and discourage fraudulent activity.
Capitalize on website Exposure
The obsolete manual practice is affected with insufficient awareness, by which can result in failing to acknowledge a part of risks. This could understate expenditures thereby overstate earnings, which can cause accounting and reporting malfunctions and ultimately fraud. A/P automation delivers a complete audit trail of each and every step in the process, and allows management to promptly resolve possible troubles.
Satisfy Clients
Your suppliers want a more efficient payment method. Easier payments result in deals and savings for you. Whenever you pay your clients by means of virtual credit card, which is an individual issued card for a one-time use, you receive monthly cash rebates. It’s equally good for Accounts Payable and Accounts Receivable. Your customers benefit from more efficient, streamlined payments and your A/P Department pivots to a cash generator.
Enhance Quality
Prevent error, delay, and unneeded costs with more info an automated A/P process. A/P problems are costly and use up many resources to manually resolve. With payment automation, you can see where, when and why problems transpired. Contrary to the manual procedure, with automation you’ll be able to methodically address and reduce issues to boost quality.
A/P payment automation will save you cash, earn you additional profit, decrease the risks of fraud, bring your operations better transparency, satisfy your customers’ needs, and advance the total quality of your A/P processes.