Top Reasons to Automate Accounts Payable
Although technology makes Accounts Payable payment automation simple for numerous companies, 60 percent of businesses in the US do not know of the countless advantages to A/P automation. Leveraging software to implement the process in manner that is seamless and easy, here are our major five reasons to automate.
Accounts Payable automation enables A/P to accurately project its pending cash specifications, accordingly eliminating estimation. With better transparency from A/P automation, awareness into the process allows your A/P department to focus on tasks and things which will impact your department with value added activities.
Reinforce internal controls
A manual A/P method is prone to fraud. You raise the risks of human oversight, late payments, missing invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that stop and discourage fraud.
The obsolete manual process suffers from insufficient awareness, wherein can result in failing to acknowledge a segment of risks. This may understate expenses thereby overstate revenue, which can cause accounting and reporting abnormalities and ultimately fraud. A/P automation provides a whole audit trail of each and every step in the process, and permits management to promptly solve potential complications.
Your vendors prefer a more efficient 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 rebates. It’s mutually good for Accounts Payable and Accounts Receivable. Your customers experience more efficient, seamless payments and your A/P Department pivots to a profit generator.
Prevent error, delay, and pointless costs with an automated A/P process. A/P problems may be very costly and take many resources to manually resolve. With payment automation, you can see where, when and why errors occurred. Contrary to the manual procedure, with automation you’ll be in a position to methodically address and get rid of errors to improve quality.
A/P payment automation can click here save you cash, earn you additional profit, decrease the risks of fraud, bring your operations better transparency, fulfill your customers’ needs, and advance the total quality of your A/P processes.