Top Reasons to Automate Accounts Payable
Even though modern technology makes Accounts Payable payment automation a standard for many companies, 60 percent of organizations in the US are not aware of the countless benefits associated with A/P automation. Leveraging software to implement the method in manner that is seamless and trouble-free, here are our best 5 reasons to automate.
Cash Optimization
Accounts Payable automation allows A/P to accurately project its pending cash requirements, therefore getting rid of estimation. With more transparency from A/P automation, awareness into the system allows your A/P department to give attention to activities and priorities that will effect your department with value added activities.
Improve central controls
A manual A/P method is subject to fraud. You raise the risks of human error, overdue payments, missing invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that put a stop to and discourage fraud.
Maximize Exposure
The obsolete manual process is affected with insufficient visibility, in which can result in neglecting to recognize a part of liabilities. This may understate expenditures and therefore overstate revenue, which can result in accounting and reporting abnormalities and ultimately fraud. A/P automation produces a whole audit trail of every part of the method, and lets management to rapidly resolve potential problems.
Please Clients
Your suppliers would like a more efficient payment method. Easier payments result in discounts and cost more info savings for you. When you pay your customers by way of virtual credit card, which is a single issued credit card for a one-time use, you will earn monthly here cash back incentives. It’s collectively beneficial for Accounts Payable and Accounts Receivable. Your clients benefit from more efficient, seamless payments and your A/P Department pivots to a revenue generator.
Improve Quality
Avoid error, delay, and avoidable costs with an automated A/P process. A/P mistakes may be very costly and consume many resources to manually solve. With payment automation, you see where, when and why errors happened. In contrast to the manual procedure, with automation you’ll be able to systematically address and get rid of problems read more to increase quality.
A/P payment automation will save you cash, earn you additional revenue, reduce the risks of fraud, bring your operations increased transparency, fulfill your customers’ demands, and boost the total quality of your A/P processes.