Top Reasons to Automate Accounts Payable
While modern technology has made Accounts Payable payment automation a standard for numerous corporations, 60 % of corporations in the United States do not know of the many benefits associated with A/P automation. Leveraging software programs to utilize the process in manner that is seamless and easy, listed here are our top 5 reasons to automate.
Accounts Payable automation lets A/P to accurately project its outstanding cash specifications, accordingly removing estimation. With increased transparency from A/P automation, visibility into the process allows your A/P department to deal with activities and things that can impact your department with value add actions.
Improve internal controls
A manual A/P process is vulnerable to fraudulent activity. You add to the issues of human error, overdue payments, missing invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that put a stop to and deter fraudulent activity.
Capitalize on Awareness
The obsolete manual method is affected with lack of awareness, by which can result in neglecting to realize a segment of liabilities. This could understate operating expenses thereby 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 permits management to quickly correct potential troubles.
Your suppliers prefer a more effective payment process. Easier payments result in special offers click here and savings for you. Whenever you click here pay your clients with virtual credit card, which is a single issued card for a one-time use, you receive monthly cash rebates. 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 mistakes are expensive and consume many resources to manually remedy. With payment automation, you see where, when and why errors happened. In contrast to the manual method, with automation you’ll have the ability to methodically address and get rid of problems to increase quality.
A/P payment automation can help you save cash, earn you extra earnings, decrease the risks of fraudulent activity, provide your operations greater transparency, meet your customers’ needs, and boost the overall quality of your A/P processes.