Top Reasons Why You Should Automate Accounts Payable
Despite the fact that tech makes Accounts Payable payment automation a standard for a number of corporations, 60 % of corporations in the United States are not aware of the numerous advantages of A/P automation. Leveraging software to apply the method in manner that is seamless and effortless, the following are our best five reasons why you should automate.
Cash Optimization
Accounts Payable automation lets A/P to accurately project its outstanding cash specifications, consequently removing estimation. With more transparency from A/P automation, awareness into the process allows your A/P department to deal with activities and things that can impact your department with value added actions.
Improve central controls
A manual A/P method is prone to fraudulent activity. You raise the risks of human error, overdue payments, lost invoices, and the dreaded rush invoices. An automated A/P process embeds controls that prevent and discourage fraud.
Optimize Awareness
The obsolete manual method is affected with lack of visibility, in which can result in neglecting to acknowledge a segment of risks. This can understate expenditures as well as overstate income, which could result in accounting and reporting malfunctions and ultimately fraudulent activity. A/P automation delivers a total audit trail of each and every part of the method, and permits management to promptly fix potential problems.
Satisfy Customers
Your suppliers prefer a more effective payment method. More efficient payments result in discounts and savings for you. When you pay your customers via virtual card, which is a single issued credit card for a one-time use, you earn monthly cash back incentives. It’s mutually good for Accounts Payable and Accounts Receivable. Your clients experience more efficient, streamlined payments and your A/P Department click here pivots to a income generator.
Improve Quality
Prevent error, delay, and needless costs with an automated A/P process. A/P errors are expensive and consume many resources to manually fix. With payment automation, you can see where, when and why mistakes occurred. Contrary to the manual method, with automation you’ll have the ability to systematically address and reduce problems to enhance quality.
A/P payment automation can save you cash, earn you additional profit, reduce the risks of fraudulent activity, get your operations greater transparency, satisfy your customers’ needs, and boost the overall quality of your A/P processes.