Top Reasons to Automate Accounts Payable
While technology makes Accounts Payable payment automation simple for a lot of companies, 60 percent of corporations in the US do not know of the numerous advantages to A/P automation. Leveraging software programs to utilize the process in manner that is seamless and trouble-free, the following are our main 5 reasons why you should automate.
Accounts Payable automation lets A/P to accurately project its outstanding cash requirements, therefore removing guesswork. With more transparency from A/P automation, visibility into the system allows your A/P department to give attention to activities and things that will effect your department with value add actions.
Improve central controls
A manual A/P process is vulnerable to fraudulent activity. You raise the challenges of human oversight, late payments, lost invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that put a stop to and deter fraud.
The outdated manual method is affected with lack of visibility, by which can result in neglecting to realize a part of liabilities. This could understate expenses thereby overstate revenue, which can cause accounting and reporting abnormalities and ultimately fraud. A/P automation provides an entire audit trail of every step in the process, and makes it possible for management to quickly handle possible problems.
Your suppliers want a more beneficial payment process. Easier payments result in deals and cost savings for you. If you pay your clients via virtual card, which is a single issued card for a one-time use, you earn monthly cash rebates. It’s collectively beneficial for Accounts Payable and Accounts Receivable. Your customers benefit from more efficient, streamlined payments and your A/P Department pivots to a income generator.
Avoid error, delay, and needless costs with an automated A/P process. A/P mistakes are expensive and use up many resources to manually correct. With payment automation, you will see where, when and why errors occurred. Unlike the manual procedure, with automation you’ll be able to methodically address and reduce problems to enhance quality.
A/P payment automation can help you save cash, earn you extra revenue, lessen the risks of fraudulent activity, get your operations increased transparency, meet the customers’ needs, here and boost the overall quality of your A/P processes.