Top Reasons Why You Should Automate Accounts Payable
Although tech makes Accounts Payable payment automation a standard for many businesses, 60 % of companies in the US are unaware of the many benefits associated with A/P automation. Leveraging software applications to apply the process in manner that is seamless and easy, here are our main 5 reasons why you should automate.
Cash Optimization
Accounts Payable automation allows A/P to correctly project its outstanding cash specifications, therefore eliminating uncertainty. With increased transparency from A/P automation, awareness into the process allows your A/P department to give attention to tasks and things that can effect your department with value added activities.
Improve internal controls
A manual A/P method is prone to fraud. You add to the issues of human error, late payments, lost invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that reduce and deter fraudulent activity.
Maximize Awareness
The obsolete manual method suffers from lack of visibility, wherein can result in failing to identify a part of liabilities. This could understate expenses as well as overstate earnings, which can trigger accounting and reporting irregularities and ultimately fraudulent activity. A/P automation offers a total audit trail of each and every step in the process, and allows management to swiftly resolve potential complications.
Satisfy Clients
Your suppliers want a more effective payment method. More efficient payments result in discount rates and savings for you. Whenever you pay your customers by way of virtual card, which is a single issued credit card for a one-time use, you earn monthly cash rebates. It’s jointly beneficial for Accounts Payable and Accounts Receivable. Your clients benefit from more efficient, streamlined payments and more info your A/P Department pivots to a revenue generator.
Enhance Quality
Avoid error, delay, and avoidable costs with an automated A/P process. A/P mistakes can be very expensive and use up many resources to manually remedy. With payment automation, you will see where, when and why problems transpired. Contrary to the manual process, with automation you’ll be able to systematically address and get rid of problems to improve quality.
A/P payment automation will save click here you cash, earn you additional earnings, decrease the risks of fraud, get your operations greater transparency, satisfy the customers’ needs, and boost the total quality of your A/P processes.