Top Reasons Why You Should Automate Accounts Payable
While tech has made Accounts Payable payment automation indispensable for numerous corporations, 60 % of corporations in the US do not know of the many benefits of A/P automation. Leveraging software applications to apply the method in manner that is seamless and convenient, listed here are our top five reasons why you should automate.
Accounts Payable automation lets A/P to correctly project its pending cash specifications, consequently eliminating estimation. With increased transparency from A/P automation, visibility into the system allows your A/P department to deal with activities and priorities which will impact your department with value add actions.
Reinforce central controls
A manual A/P method is prone to fraud. You raise the threats of human error, late payments, missing invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that avoid and discourage fraud.
Capitalize on Visibility
The outdated manual method suffers from insufficient visibility, in which can result in neglecting to realize a portion of liabilities. This can understate click here expenditures thereby overstate revenue, that may lead to accounting and reporting malfunctions and ultimately fraud. A/P automation delivers a complete audit trail of every part of the process, and lets management to swiftly correct possible troubles.
Your suppliers prefer a more effective payment method. Easier payments result in discounts and cost savings for you. When you pay your clients by means of virtual credit card, which is an individual issued card for a one-time use, you will earn monthly cash rebates. It’s jointly beneficial for Accounts Payable and Accounts Receivable. Your customers experience more efficient, seamless payments and your A/P Department pivots to a revenue generator.
Avoid error, delay, and pointless costs with an automated A/P process. A/P errors may be very costly and use up many resources to manually solve. click here With payment automation, you will see where, when and why errors happened. In contrast to the manual method, with automation you’ll be in a position to methodically address and reduce errors to improve quality.
A/P payment automation can save you cash, earn you additional revenue, reduce the risks of fraudulent activity, provide your operations better transparency, satisfy your customers’ demands, and enrich the total quality of your A/P processes.