Top Reasons to Automate Accounts Payable
While tech makes Accounts Payable payment automation simple for numerous organizations, 60 % of businesses in the USA do not know of the many benefits of A/P automation. Leveraging software applications to apply the process in manner that is seamless and trouble-free, here are our best 5 reasons why you should automate.
Cash Optimization
Accounts Payable automation enables A/P to accurately project its pending cash requirements, therefore getting rid of speculation. With increased transparency from A/P automation, visibility into the process allows your A/P department to give attention to activities and things which will effect your department with value add actions.
Strengthen central controls
A manual A/P method is susceptible to fraudulent activity. You raise the challenges of human oversight, late payments, lost invoices, and the dreaded rush invoices. An automated A/P process embeds controls that avoid and deter fraud.
Optimize Awareness
The outdated manual process suffers from insufficient visibility, through which can result in failing to recognize a segment of risks. This can understate expenditures as well as overstate income, which could contribute to accounting and reporting irregularities and ultimately fraudulent activity. A/P automation produces a total audit trail of each part of the method, and enables management to rapidly correct potential troubles.
Please Clients
Your vendors would like a more efficient payment method. More efficient payments result in discounts and savings for you. When you pay your clients by means of virtual card, which is an individual issued card for a one-time use, you receive monthly cash back incentives. It’s mutually beneficial for Accounts Payable and Accounts Receivable. Your customers benefit from more efficient, seamless payments and your A/P Department pivots to a profit generator.
Enhance Quality
Prevent error, delay, and pointless costs with an automated A/P process. A/P errors are costly and take many resources to manually remedy. With payment automation, you see where, when and click here why issues transpired. Contrary to the manual method, with automation you’ll have the ability to systematically address and eliminate mistakes to improve quality.
A/P payment automation can save you cash, earn you additional profit, decrease the risks of fraud, provide your operations better transparency, satisfy your customers’ demands, and improve the total quality of your A/P processes.