Top Reasons Why You Should Automate Accounts Payable
While tech has made Accounts Payable payment automation a standard for numerous organizations, 60 percent of companies in the USA are not aware of the countless benefits associated with A/P automation. Leveraging software to implement the method in manner that is seamless and easy, the following are our main 5 reasons to automate.
Cash Optimization
Accounts Payable automation allows A/P to correctly project its outstanding cash requirements, accordingly getting rid of uncertainty. With better transparency from A/P automation, visibility into the system allows your A/P department to deal with activities and things which will impact your department with value added activities.
Reinforce internal controls
A manual A/P method is vulnerable to fraud. You add to the threats of human error, late payments, lost invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that stop and discourage fraudulent activity.
Maximize Exposure
The outdated manual practice suffers from insufficient visibility, through which can result in neglecting to acknowledge a segment of risks. This can understate operating expenses thereby overstate revenue, which could result in accounting and reporting malfunctions and ultimately fraud. A/P automation provides an entire audit trail of every part of the method, and permits management to promptly handle possible more info difficulties.
Please Clients
Your suppliers want a more beneficial payment method. click here More efficient payments result in deals and savings for you. When you pay your clients with virtual card, which is a single issued card for a one-time use, you receive monthly cash back incentives. It’s mutually beneficial for Accounts Payable and Accounts Receivable. Your customers experience more efficient, seamless payments and your A/P Department pivots to a profit generator.
Enhance Quality
Avoid error, delay, and needless costs with an automated A/P process. A/P mistakes can be very expensive and take many resources to manually fix. With payment automation, you will see where, when and why faults transpired. Unlike the manual process, with automation you’ll be able to systematically address and eliminate mistakes to enhance quality.
A/P payment automation can help you save cash, earn you extra earnings, decrease the risks of fraud, bring your operations greater transparency, meet the customers’ needs, and enhance the total quality of your A/P processes.