Top Reasons to Automate Accounts Payable
Although technology makes Accounts Payable payment automation indispensable for many organizations, 60 % of businesses in the USA do not know of the many advantages to A/P automation. Leveraging software to utilize the process in manner that is seamless and effortless, here are our top 5 reasons why you should automate.
Accounts Payable automation allows A/P to correctly project its pending cash requirements, accordingly getting rid of speculation. With better transparency from A/P automation, awareness into the process allows your A/P department to deal with tasks and priorities which will effect your department with value add actions.
Strengthen internal controls
A manual A/P method is at risk of fraud. You increase the issues of human oversight, overdue payments, lost invoices, and the dreaded rush invoices. An automated A/P process embeds controls that put a stop to and discourage fraud.
The outdated manual process suffers from lack of visibility, wherein can result in failing to acknowledge a portion of liabilities. This could understate operating expenses as well as overstate income, which could trigger accounting and reporting abnormalities and ultimately fraud. A/P automation produces a whole audit trail of each and every part of the process, and permits management to rapidly handle potential troubles.
Your more info vendors want a more beneficial payment method. Easier payments result in savings and 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 back incentives. read more It’s equally beneficial for Accounts Payable and Accounts Receivable. Your clients benefit from more efficient, seamless payments and your A/P Department pivots to a income generator.
Avoid error, delay, and needless costs with an automated A/P process. A/P problems may be very costly and use up many resources to manually correct. With payment automation, you see where, when and why faults happened. Contrary to the manual process, with automation you’ll have the ability to methodically address and reduce issues to boost quality.
A/P payment automation can help you save get more info cash, earn you additional cash, lessen the risks of fraud, bring your operations greater transparency, meet the customers’ needs, and advance the total quality of your A/P processes.