Top Reasons to Automate Accounts Payable
While modern technology makes Accounts Payable payment automation indispensable for many companies, 60 percent of companies in the USA are unaware of the many benefits of A/P automation. Leveraging software applications to apply the process in manner that is seamless and easy, listed here are our main five reasons why you should automate.
Cash Optimization
Accounts Payable automation lets A/P to accurately project its outstanding cash requirements, therefore getting rid of uncertainty. With greater transparency from A/P automation, awareness into the process allows your A/P department to focus on tasks and things that can impact your department with value added actions.
Improve central controls
A manual A/P process is susceptible to fraud. You increase the risks of human oversight, late payments, missing invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that reduce and deter fraud.
Boost Visibility
The outdated manual method suffers from lack of awareness, wherein can result in neglecting to acknowledge a part of liabilities. This can understate expenses as well as overstate revenue, click here which could result in accounting and reporting malfunctions and ultimately fraudulent activity. A/P automation offers an entire audit trail of each part of the method, and permits management to swiftly fix possible complications.
Satisfy Clients
Your suppliers want a more beneficial payment method. More efficient payments result in special discounts and savings for you. Whenever you pay your clients with virtual credit card, which is an individual issued credit card for a one-time use, you generate monthly cash back incentives. It’s mutually beneficial for Accounts Payable and Accounts Receivable. Your customers experience more efficient, streamlined payments and your A/P Department pivots to a profit generator.
Enhance Quality
Avoid error, delay, and unnecessary costs with an automated A/P process. A/P mistakes are costly and take many resources to manually fix. With payment automation, you will see where, when and why issues occurred. Contrary to the manual website procedure, with automation you’ll be in a position to methodically address and reduce issues to boost quality.
A/P payment automation can save you cash, earn you additional revenue, lessen the risks of fraudulent activity, provide your operations more transparency, fulfill your customers’ demands, and enrich the overall quality of your A/P processes.