Top Reasons Why You Should Automate Accounts Payable
Even though technology makes Accounts Payable payment automation a standard for numerous businesses, 60 percent of corporations in the USA do not know of the countless benefits associated with A/P automation. Leveraging software programs to implement the process in manner that is seamless and trouble-free, listed here are our major 5 reasons to automate.
Cash Optimization
Accounts Payable automation enables A/P to accurately project its pending cash requirements, accordingly getting rid of uncertainty. With greater transparency from A/P automation, visibility into the process allows your A/P department to give attention to tasks and things that can effect your department with value add activities.
Improve internal controls
A manual A/P process is susceptible to fraud. You raise the pitfalls of human oversight, overdue payments, missing invoices, and the dreaded rush invoices. An automated A/P process embeds controls that reduce and deter fraud.
Enhance Awareness
The outdated manual process suffers from lack of visibility, wherein can result in neglecting to acknowledge a part of liabilities. This could understate expenses thereby overstate revenue, which can trigger accounting and reporting abnormalities and ultimately fraud. A/P automation provides a whole audit trail of each step in the process, and lets management to rapidly correct potential difficulties.
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Your suppliers prefer a more efficient payment process. Easier payments result in deals and cost savings for you. When you pay your clients via virtual card, which is a single issued credit card for a one-time use, you receive monthly cash rebates. It’s equally beneficial for Accounts Payable and Accounts Receivable. Your customers experience more efficient, seamless payments and your A/P Department pivots to a income generator.
Enhance Quality
Avoid error, delay, and avoidable costs with an automated A/P process. A/P errors are costly and take many resources to manually resolve. With payment automation, you can see where, when and why faults transpired. In contrast to the manual process, with automation you’ll be able to methodically address and eliminate mistakes to increase quality.
A/P payment automation will save you cash, earn you extra profit, lessen the risks of fraud, provide your operations greater transparency, meet the customers’ needs, and enrich the overall quality of your A/P processes.