Top Reasons to Automate Accounts Payable
Although technology has made Accounts Payable payment automation a standard for a lot of businesses, 60 percent of organizations in the USA are not aware of the countless benefits associated with A/P automation. Leveraging software programs to utilize the process in manner that is seamless and effortless, here are our top five reasons to automate.
Cash Optimization
Accounts Payable automation allows A/P to correctly project its outstanding cash requirements, consequently removing guesswork. With more transparency from A/P automation, visibility into the system allows your A/P department to focus on tasks and things that will impact your department with value added activities.
Reinforce central controls
A manual A/P method is susceptible to fraud. You add to the issues of human oversight, overdue payments, lost invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that reduce and discourage fraudulent activity.
Boost Awareness
The obsolete manual method is affected with lack of visibility, through which can result in failing to realize a part of risks. This could understate expenditures thereby overstate revenue, which can cause accounting and reporting malfunctions and ultimately fraud. A/P automation delivers a complete audit trail more info of every step in the method, and makes it possible for management to promptly resolve possible complications.
Satisfy Clients
Your suppliers would like a more effective payment process. More efficient payments result in savings and savings for you. If you pay your customers with virtual card, which is an individual issued credit card for a one-time use, you generate monthly cash back incentives. It’s mutually beneficial for Accounts Payable and Accounts Receivable. Your clients experience more efficient, streamlined payments accounts payable automation and your A/P Department pivots to a income generator.
Enhance Quality
Prevent error, delay, and needless costs with an automated A/P process. A/P mistakes are costly and use up many resources to manually solve. With payment automation, you will see where, when and why issues occurred. Unlike the manual process, with automation you’ll have the ability to systematically address and reduce mistakes to enhance quality.
A/P payment automation can help you save cash, earn you extra profit, decrease the risks of fraud, bring your operations greater transparency, satisfy the customers’ demands, and enrich the total quality of your A/P processes.