Top Reasons to Automate Accounts Payable
Despite the fact that tech makes Accounts Payable payment automation a standard for numerous businesses, 60 % of organizations in the United States are not aware of the countless advantages of A/P automation. Leveraging software programs to utilize the process in manner that is seamless and easy, listed here are our main 5 reasons to automate.
Cash Optimization
Accounts Payable automation allows A/P to correctly project its outstanding cash requirements, consequently eliminating guess work. With greater transparency from A/P automation, awareness into the system allows your A/P department to give attention to activities and things which will impact your department with value added actions.
Improve central controls
A manual A/P method is subject to fraud. You increase the risks of human oversight, late payments, lost invoices, and the dreaded rush invoices. An automated A/P process embeds controls that prevent and discourage fraud.
Maximize Exposure
The outdated manual practice suffers from insufficient visibility, through which can result in failing to recognize a segment of risks. This can understate operating expenses and therefore overstate earnings, that may result in accounting and reporting abnormalities and ultimately fraud. A/P automation offers a complete audit trail of each part of the process, and lets management to quickly deal with possible difficulties.
Please Customers
Your suppliers want a more beneficial payment method. More efficient payments result in special discounts and savings for you. If you pay your clients via virtual card, which is an individual issued credit card for a one-time use, you earn monthly cash rebates. It’s collectively good for Accounts Payable and Accounts Receivable. Your clients experience more efficient, seamless payments and your A/P Department pivots to a revenue generator.
Improve Quality
Avoid error, delay, and unneeded costs with an automated A/P process. A/P read more mistakes may be very costly and consume many resources to manually handle. With accounts payable solutions payment automation, you will see where, when and why issues occurred. Unlike the manual process, with automation you’ll be able to systematically address and eliminate errors to improve quality.
A/P payment automation can save you cash, earn you extra earnings, decrease the risks of fraud, bring your operations greater transparency, meet the customers’ needs, and enhance the total quality of your A/P processes.