Top Reasons to Automate Accounts Payable
Despite the fact that technology makes Accounts Payable payment automation a standard for many companies, 60 % of corporations in the US are not aware of the many benefits of A/P automation. Leveraging software to apply the process in manner that is seamless and effortless, here are our best five reasons why you should automate.
Cash Optimization
Accounts Payable automation enables A/P to correctly project its outstanding cash specifications, accordingly removing uncertainty. With better transparency from A/P automation, visibility into the process allows your A/P department to deal with tasks and things that will effect your department with value added actions.
Enhance central controls
A manual A/P method is prone to fraud. You raise the pitfalls of human oversight, overdue payments, missing invoices, and the dreaded rush invoices. An automated A/P process embeds controls that reduce and deter fraudulent activity.
Boost Visibility
The obsolete manual method suffers from insufficient visibility, wherein can result in neglecting to identify a portion of risks. This can understate operating expenses as well as overstate income, that may trigger accounting and reporting malfunctions and ultimately fraudulent activity. A/P automation offers a complete audit trail of each part of the process, and makes it possible for management to swiftly fix possible difficulties.
Please Clients
Your vendors prefer a more effective payment method. Easier payments result in deals and cost savings for you. If you pay your clients via virtual card, which is a single issued website card for a one-time use, you generate monthly cash rebates. It’s equally beneficial for Accounts Payable and Accounts Receivable. Your customers benefit from more efficient, seamless payments and your A/P Department pivots to a revenue generator.
Enhance Quality
Prevent error, delay, and pointless costs with an automated A/P process. A/P problems may be very costly and consume many resources to manually correct. With payment automation, you see where, when and why issues took place. In contrast to the manual process, with automation you’ll be able to methodically address and eliminate issues to increase quality.
A/P payment automation can help you save cash, earn you extra cash, decrease the risks of fraud, get your operations greater transparency, satisfy your customers’ demands, and improve the total quality of your A/P processes.