Top Reasons Why You Should Automate Accounts Payable
Even though technology has made Accounts Payable payment automation simple for a number of companies, 60 % of corporations in the United States are unaware of the many benefits associated with A/P automation. Leveraging software applications to apply the method in manner that is seamless and convenient, listed here are our top 5 reasons why you should automate.
Cash Optimization
Accounts Payable automation lets A/P to correctly project its pending cash requirements, accordingly getting rid of estimation. With greater transparency from A/P automation, visibility into the process allows your A/P department to give attention to tasks and priorities which will effect your department with value add activities.
Improve internal controls
A manual A/P process is at risk of fraudulent activity. You add to the pitfalls of human error, overdue payments, missing invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that prevent and discourage fraudulent activity.
Optimize Exposure
The obsolete manual method suffers from insufficient visibility, in which can ap automation result in failing to realize a segment of risks. This could understate operating expenses thereby overstate income, that may trigger accounting and reporting irregularities and ultimately fraudulent activity. A/P click here automation provides a complete audit trail of each part of the process, and allows management to swiftly solve possible issues.
Satisfy Clients
Your suppliers would like a more effective payment process. Easier payments result in discounts and savings for you. Whenever you pay your clients with virtual credit card, which is an individual issued credit card for a one-time use, you generate monthly cash rebates. It’s equally beneficial for Accounts Payable and Accounts Receivable. Your customers benefit from more efficient, streamlined payments and your A/P Department pivots to a revenue generator.
Enhance Quality
Prevent error, delay, and needless costs with an automated A/P process. A/P mistakes can be very expensive and take many resources to manually resolve. With payment automation, you can see where, when and why errors occurred. get more info Contrary to the manual procedure, with automation you’ll be able to methodically address and get rid of mistakes to improve quality.
A/P payment automation will save you cash, earn you additional earnings, reduce the risks of fraud, provide your operations more transparency, meet the customers’ demands, and improve the overall quality of your A/P processes.