Top Reasons Why You Should Automate Accounts Payable
Even though modern technology has made Accounts Payable payment automation simple for a lot of organizations, 60 % of businesses in the US are unaware of the countless advantages of A/P automation. Leveraging software applications to implement the process in manner that is seamless and trouble-free, the following are our best 5 reasons why you should automate.
Cash Optimization
Accounts Payable automation lets A/P to correctly project its pending cash requirements, therefore removing guess work. With greater transparency from A/P automation, visibility into the system allows your A/P department to concentrate on tasks and priorities which will effect your department with value added activities.
Reinforce central controls
A manual A/P process is susceptible to fraudulent activity. You add to the issues of human oversight, overdue payments, missing invoices, and the dreaded rush invoices. An automated A/P process embeds controls that avoid and deter fraud.
Maximize Awareness
The obsolete manual practice is affected with insufficient visibility, wherein can result in neglecting to realize a part of risks. This may understate expenses and therefore overstate income, which can trigger accounting and reporting abnormalities and ultimately fraudulent activity. A/P automation produces a complete audit trail of every part of the method, and enables management to swiftly resolve potential troubles.
Please Clients
Your vendors would like a more efficient payment method. More efficient payments result in discounts and savings for you. If you pay your clients via virtual credit card, which is a single issued credit card click here for a one-time use, you generate monthly cash back incentives. It’s collectively 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
Prevent error, delay, and unneeded costs with an automated A/P process. A/P problems are expensive and take many resources to manually correct. With payment automation, you see where, when and why problems transpired. Unlike the manual method, with automation you’ll be in a position to methodically address and reduce errors to enhance 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.