Top Reasons Why You Should Automate Accounts Payable
Despite the fact that technology has made Accounts Payable payment automation simple for numerous organizations, 60 percent of companies in the USA do not know of the many advantages of A/P automation. Leveraging software programs to utilize the method in manner that is seamless and trouble-free, here are our best 5 reasons to automate.
Accounts Payable automation allows A/P to accurately project its pending cash requirements, consequently eliminating speculation. With increased transparency from A/P automation, visibility into the process allows your A/P department to concentrate on activities and things that can effect your department with value added activities.
Improve internal controls
A manual A/P method is vulnerable to fraud. You add to the pitfalls of human oversight, overdue payments, missing invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that prevent and discourage fraud.
The obsolete manual practice suffers from lack of awareness, wherein can result in neglecting to acknowledge a segment of liabilities. This may understate read more expenditures and therefore overstate revenue, which could result in accounting and reporting abnormalities and ultimately fraud. A/P automation delivers a whole audit trail of each part of the website process, and allows management to swiftly fix possible troubles.
Your suppliers want a more efficient payment method. Easier payments result in special discounts and cost savings for you. If you pay your customers via virtual credit card, which is a single issued card for a one-time use, you will earn monthly cash rebates. It’s collectively good for Accounts Payable and Accounts Receivable. Your customers experience more efficient, seamless payments and your A/P Department pivots to a income generator.
Prevent error, delay, and unneeded costs with an automated A/P process. A/P problems are expensive and use up many resources to manually solve. With payment automation, you will see where, when and why issues happened. In contrast to the manual procedure, with automation you’ll be able to systematically address and get rid of problems to boost quality.
A/P payment get more info automation can save you cash, earn you extra income, decrease the risks of fraudulent activity, provide your operations better transparency, meet your customers’ demands, and enrich the overall quality of your A/P processes.