Top Reasons to Automate Accounts Payable
Even though modern technology makes Accounts Payable payment automation simple for many businesses, 60 percent of businesses in the US are unaware of the countless advantages of A/P automation. Leveraging software to implement the process in manner that is seamless and effortless, the following are our best five reasons why you should automate.
Accounts Payable automation lets A/P to correctly project its pending cash specifications, consequently getting rid of estimation. With better transparency from A/P automation, visibility into the process allows your A/P department to give attention to tasks and priorities that will impact your department with value add activities.
Reinforce central controls
A manual A/P method is prone to fraud. You add to the issues of human oversight, overdue payments, lost invoices, and the dreaded rush invoices. An automated A/P process embeds controls that stop and discourage fraudulent activity.
The obsolete manual method is affected with lack of visibility, wherein can result in failing to identify a part of risks. This could understate expenses as well as overstate revenue, that may cause accounting and reporting abnormalities and ultimately fraud. A/P automation produces a total audit trail of each and every step in the method, and lets management to promptly resolve possible troubles.
Your vendors want a more efficient payment process. Easier payments result in special discounts 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 earn monthly cash back incentives. It’s equally good for Accounts Payable and Accounts Receivable. Your customers experience more efficient, streamlined payments and your A/P Department pivots to a cash generator.
Prevent error, delay, and needless costs with an automated A/P process. A/P problems are costly and consume many resources check here to manually handle. With payment automation, you see where, when and why issues occurred. Unlike the manual method, with automation you’ll be in a position to methodically address and eliminate issues to improve quality.
A/P payment automation can help you save cash, earn you additional cash, lessen the risks of fraud, provide your operations greater transparency, satisfy your customers’ needs, and ap solutions boost the total quality of your A/P processes.