Top Reasons Why You Should Automate Accounts Payable
Despite the fact that technology makes Accounts Payable payment automation indispensable for many corporations, 60 % of corporations in the USA do not know of the many benefits of A/P automation. Leveraging software programs to apply the process in manner that is seamless and effortless, here are our top five reasons to automate.
Accounts Payable automation enables A/P to accurately project its outstanding cash requirements, consequently removing uncertainty. With more transparency from A/P automation, awareness into the system allows your A/P department to give attention to activities and things which will effect your department with value added activities.
Improve internal controls
A manual A/P process is at risk of fraud. You add to the threats of human error, late payments, lost invoices, and the dreaded rush invoices. An automated A/P process embeds controls that reduce and deter fraud.
The obsolete manual process is affected with lack of visibility, through which can result in failing to realize a part of risks. This could understate operating expenses thereby overstate income, which could click here lead to 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 troubles.
Your suppliers would like a more beneficial payment process. More efficient payments result in discount rates and savings for you. Whenever you pay your clients by means of virtual card, which is a single issued credit card for a one-time use, you generate monthly cash rebates. It’s mutually good for Accounts Payable and Accounts Receivable. Your clients benefit from more efficient, streamlined payments and your A/P Department pivots to a cash generator.
Prevent error, delay, and needless costs with an automated A/P process. A/P errors are expensive and website use up many resources to manually correct. With payment automation, you can see where, when and why errors transpired. In contrast to the manual process, with automation you’ll be in a position to systematically address and reduce mistakes to improve quality.
A/P payment automation will save you cash, earn you extra revenue, lessen the risks of fraudulent activity, bring your operations better transparency, meet your customers’ needs, and enhance the overall quality of your A/P processes.