Top Reasons to Automate Accounts Payable
Although technology makes Accounts Payable payment automation indispensable for many corporations, 60 percent of corporations in the United States do not know of the numerous benefits of A/P automation. Leveraging software to utilize the process in manner that is seamless and effortless, the following are our best five reasons why you should automate.
Cash Optimization
Accounts Payable automation lets A/P to correctly project its outstanding cash requirements, accordingly getting rid of speculation. With greater transparency from A/P automation, visibility into the process allows your A/P department to deal with activities and priorities which will effect your department with value added actions.
Strengthen internal controls
A manual A/P process is susceptible to fraud. You raise the pitfalls of human error, late payments, missing invoices, and the dreaded rush invoices. An automated A/P process embeds controls that reduce and discourage fraudulent activity.
Optimize Visibility
The outdated manual process suffers from insufficient awareness, by which can result in failing to acknowledge a part of risks. This may understate operating expenses as well as overstate earnings, which can cause accounting and reporting abnormalities and ultimately fraudulent activity. A/P automation offers a whole audit trail of each step in the method, and makes it possible for management to promptly resolve possible troubles.
Please Customers
Your vendors want a more efficient payment process. More efficient payments result in special offers and savings for you. When you pay get more info your clients by means of virtual card, which is an individual issued card for a one-time use, you will earn 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 cash generator.
Improve Quality
Avoid error, delay, and unnecessary costs with an automated A/P process. A/P problems are expensive and take many resources to manually remedy. With payment automation, you can see where, when and why issues happened. Contrary to the manual process, with automation you’ll have the ability to methodically address and eliminate problems to improve quality.
A/P payment automation can help you save cash, earn you additional income, decrease the risks of fraudulent activity, provide your operations increased transparency, fulfill the customers’ needs, and improve the overall quality of your A/P processes.