Top Reasons to Automate Accounts Payable
While modern technology makes Accounts Payable payment automation indispensable for a lot of corporations, 60 percent of organizations in the United States are unaware of the countless advantages to A/P automation. Leveraging software applications to utilize the method in manner that is seamless and trouble-free, listed here are our main five reasons why you should automate.
Cash Optimization
Accounts Payable automation allows A/P to correctly project its outstanding cash requirements, consequently removing uncertainty. With greater transparency from A/P automation, awareness into the system allows your A/P department to concentrate on tasks and things that will impact your department with value added actions.
Strengthen internal controls
A manual A/P process is susceptible to fraudulent activity. You add to the challenges of human error, overdue payments, lost invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that prevent and deter fraud.
Increase Visibility
The obsolete manual process suffers from lack of visibility, wherein can result in failing to identify a part of risks. This can understate expenditures as well as overstate income, that may lead to accounting and reporting malfunctions and ultimately fraud. A/P automation provides an entire audit trail of each and every step in the process, and lets management to quickly correct potential complications.
Satisfy Clients
Your suppliers want a more effective payment process. Easier payments result in special offers and cost savings for you. If you pay your clients by way of virtual card, which is a single issued card for a one-time use, you earn monthly cash back incentives. It’s jointly beneficial for Accounts Payable and Accounts Receivable. Your clients benefit from more efficient, seamless payments and your A/P Department pivots to a profit generator.
Enhance Quality
Avoid error, delay, and unnecessary costs with an automated A/P process. A/P problems can be very expensive and take many resources to manually remedy. click here With payment automation, you will see where, when and why faults took place. Unlike the manual process, with automation you’ll be able to systematically address and get rid of errors to boost quality.
A/P payment automation can help you save cash, earn you additional income, lessen the risks of fraud, provide your operations increased transparency, meet your customers’ demands, and improve the overall quality of your A/P processes.