Top Reasons Why You Should Automate Accounts Payable
Even though modern technology has made Accounts Payable payment automation a standard for numerous companies, 60 percent of businesses in the United States do not know of the countless advantages to A/P automation. Leveraging software to implement the process in manner that is seamless and effortless, here are our top five reasons why you should automate.
Accounts Payable automation enables A/P to correctly project its outstanding cash requirements, therefore removing uncertainty. With increased transparency from A/P automation, visibility into the system allows your A/P department to deal with activities and things that will impact your department with value added actions.
Improve internal controls
A manual A/P method is at risk of fraudulent activity. You raise the threats of human error, overdue payments, lost invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that put a stop to and discourage fraud.
The obsolete manual method is affected with lack of awareness, through which can result in neglecting to acknowledge a segment of risks. This could understate expenses thereby overstate revenue, which website can contribute to accounting and reporting irregularities and ultimately fraud. A/P automation offers a complete audit trail of every part of the method, and permits management to quickly deal with potential complications.
Your vendors would like a more effective payment method. More efficient payments result in savings and cost savings for you. When you pay your clients with virtual card, which is a single issued card for a one-time use, you will earn monthly cash back incentives. It’s collectively beneficial for Accounts Payable and Accounts Receivable. Your customers benefit from more efficient, streamlined payments and your A/P Department pivots to a cash generator.
Avoid error, delay, and unneeded costs with an automated A/P process. A/P problems are costly and click here consume many resources to manually clear up. With payment automation, you see where, when and why issues occurred. Unlike the manual procedure, with automation you’ll be able to methodically address and eliminate errors to boost quality.
A/P payment automation will save you cash, earn you additional profit, lessen the risks of fraudulent activity, get your operations increased transparency, meet your customers’ needs, and enhance the overall quality of your A/P processes.