Top Reasons Why You Should Automate Accounts Payable
While technology makes Accounts Payable payment automation simple for many companies, 60 % of businesses in the United States are unaware of the numerous benefits of A/P automation. Leveraging software applications to utilize the process in manner that is seamless and easy, the following are our top 5 reasons to automate.
Accounts Payable automation allows A/P to accurately project its outstanding cash specifications, therefore getting rid of uncertainty. With more transparency from A/P automation, awareness into the system allows your A/P department to deal with tasks and priorities that will impact your department with value added actions.
Enhance central controls
A manual A/P method is subject to fraudulent activity. You raise the threats of human error, late payments, lost invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that reduce and discourage fraudulent activity.
The outdated manual practice suffers from lack of awareness, through which can result in neglecting to acknowledge a segment of liabilities. This may understate expenditures and therefore overstate revenue, which could lead to accounting and reporting abnormalities and ultimately fraudulent activity. A/P automation delivers an entire audit trail of each part of the process, and enables management to promptly handle check here potential complications.
Your suppliers want a more efficient payment method. Easier payments result in special offers and savings for you. If you pay your customers by way of click here virtual credit card, which is a single issued credit card for a one-time use, you earn monthly cash rebates. It’s jointly beneficial for Accounts Payable and Accounts Receivable. Your clients experience more efficient, streamlined payments and your A/P Department pivots to a income generator.
Prevent error, delay, and unneeded costs with an automated A/P process. A/P problems are costly and use up many resources to manually resolve. With payment automation, you will see where, when get more info and why faults occurred. In contrast to the manual method, with automation you’ll be able to systematically address and eliminate problems to increase quality.
A/P payment automation will save you cash, earn you additional income, decrease the risks of fraud, get your operations more transparency, satisfy the customers’ needs, and advance the total quality of your A/P processes.