Top Reasons Why You Should Automate Accounts Payable
Although tech has made Accounts Payable payment automation indispensable for numerous corporations, 60 % of organizations in the USA are not aware of the many benefits associated with A/P automation. Leveraging software to apply the process in manner that is seamless and convenient, the following are our major 5 reasons why you should automate.
Accounts Payable automation lets A/P to correctly project its pending cash requirements, therefore eliminating uncertainty. With increased transparency from A/P automation, visibility into the system allows your A/P department to concentrate on tasks and things which will impact your department with value added actions.
Improve central controls
A manual A/P process is at risk of fraudulent activity. You raise the challenges of human oversight, overdue payments, missing invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that reduce and deter fraudulent activity.
The obsolete manual process is affected with lack of visibility, through which can result in neglecting to acknowledge a segment of risks. This can understate operating expenses thereby overstate revenue, which can contribute to accounting and reporting malfunctions and ultimately fraudulent activity. A/P automation provides an entire audit trail of every part of the method, and permits management to rapidly deal with possible issues.
Your suppliers want a more beneficial payment process. More efficient payments result in discounts and savings for you. Whenever you pay here your clients via virtual card, which is a website single issued card for a one-time use, you earn monthly cash rebates. It’s jointly good for Accounts Payable and Accounts Receivable. Your customers experience more efficient, streamlined payments and your A/P Department pivots to a income generator.
Avoid error, delay, and pointless costs with an automated A/P process. A/P problems may be very costly and take many resources to manually handle. With payment automation, you will see where, when and why problems took place. Contrary to the manual procedure, with automation you’ll be in a position to methodically address and reduce issues to boost quality.
A/P payment automation will save you cash, earn you extra revenue, reduce the risks of fraudulent activity, provide your operations better transparency, satisfy the customers’ demands, and boost the total quality of your A/P processes.