Top Reasons Why You Should Automate Accounts Payable
While tech makes Accounts Payable payment automation simple for many companies, 60 percent of businesses in the USA do not know of the countless benefits associated with A/P automation. Leveraging software programs to utilize the process in manner that is seamless and easy, here are our top 5 reasons why you should automate.
Cash Optimization
Accounts Payable automation lets A/P to accurately project its pending cash specifications, therefore removing estimation. With increased transparency from A/P automation, visibility into the process allows your A/P department to deal with tasks and priorities that can effect your department with value add actions.
Reinforce central controls
A manual A/P method is at risk of fraud. You increase the pitfalls of human oversight, late payments, lost invoices, and the dreaded rush invoices. An automated A/P process embeds controls that avoid and discourage fraud.
Increase Awareness
The obsolete manual method is affected with lack of awareness, wherein can result in failing to realize a portion of liabilities. This may understate expenditures as well as overstate earnings, that may cause accounting and reporting abnormalities and ultimately fraud. A/P automation offers a complete audit trail of each part of the process, and lets management to quickly handle possible difficulties.
Please Clients
Your suppliers want a more beneficial payment process. More efficient payments result in special offers and savings for you. Whenever 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 get more info beneficial for Accounts Payable and Accounts Receivable. Your customers benefit from more efficient, streamlined here payments and your A/P Department pivots to a cash generator.
Enhance Quality
Prevent error, delay, and pointless costs with an automated A/P process. A/P errors are expensive and use up many resources to manually remedy. With payment automation, you see where, when and why errors happened. Unlike the manual process, with automation you’ll have the ability to systematically address and get rid of mistakes to enhance quality.
A/P payment automation can help you save cash, earn you extra income, reduce the risks of fraud, bring your operations better transparency, satisfy the customers’ demands, and boost the overall quality of your A/P processes.