Top Reasons Why You Should Automate Accounts Payable
Despite the fact that technology makes Accounts Payable payment automation a standard for a lot of corporations, 60 percent of corporations in the US are unaware of the many benefits associated with A/P automation. Leveraging software to implement the method in manner that is seamless and easy, here are our top 5 reasons to automate.
Cash Optimization
Accounts Payable automation enables A/P to correctly project its pending cash specifications, consequently removing estimation. With increased transparency from A/P automation, awareness into the process allows your A/P department to concentrate on activities and things that will effect your department with value add actions.
Improve central controls
A manual A/P process is susceptible to fraudulent activity. You increase 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.
Improve Visibility
The outdated manual practice suffers from insufficient awareness, wherein can result in failing to recognize a segment of risks. This can understate expenditures as well as overstate revenue, which can trigger accounting and reporting irregularities and ultimately fraud. A/P automation offers an entire audit trail of every step in the process, and makes it possible for management to rapidly deal with possible issues.
Satisfy Customers
Your suppliers want a more beneficial payment method. More efficient payments result in special offers and savings for you. When you pay your customers by means of virtual card, which is a single issued card for a one-time use, you generate monthly cash back incentives. It’s equally good for Accounts Payable and Accounts Receivable. Your clients experience more efficient, streamlined payments and your A/P Department pivots to a cash generator.
Improve Quality
Avoid error, delay, and unneeded costs with an automated A/P process. A/P mistakes can be very expensive and use up many resources here to manually remedy. With payment automation, you see where, when and why issues transpired. Contrary to the manual method, with automation you’ll have the ability to systematically address and eliminate errors to improve quality.
A/P payment automation can save you cash, earn you additional cash, reduce the risks of fraudulent activity, bring your operations better transparency, satisfy your customers’ needs, and enrich the total quality of your A/P processes.