Top Reasons Why You Should Automate Accounts Payable
While technology makes Accounts Payable payment automation simple for numerous businesses, 60 percent of companies in the USA are unaware of the countless advantages to A/P automation. Leveraging software to utilize the process in manner that is seamless and effortless, here are our top five reasons to automate.
Cash Optimization
Accounts Payable automation enables A/P to correctly project its pending cash specifications, therefore removing estimation. With better transparency from A/P automation, awareness into the process allows your A/P department to focus on activities and things which will effect your department with value add actions.
Improve central controls
A manual A/P process is susceptible to fraudulent activity. You increase the pitfalls of human error, overdue payments, lost invoices, and the dreaded rush invoices. An automated A/P process embeds controls that stop and discourage fraud.
Increase Awareness
The obsolete manual practice suffers from insufficient awareness, wherein can result in failing to acknowledge a segment of risks. This may understate expenses and therefore overstate earnings, that may result in accounting and reporting malfunctions and ultimately fraudulent activity. A/P automation produces an entire audit trail of every step in the here process, and lets management to promptly solve potential difficulties.
Satisfy Customers
Your suppliers prefer a more efficient payment method. More efficient payments result in special offers and cost savings for you. If you pay your clients by way of virtual card, which is a single issued card for a one-time use, you earn monthly cash back incentives. It’s jointly 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
Prevent error, delay, and pointless costs with an automated A/P process. A/P mistakes can be very expensive and consume many resources to manually handle. With payment automation, you can see where, when and why errors transpired. 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 save you cash, earn you additional income, decrease the risks of fraud, get your operations greater transparency, satisfy the customers’ demands, and improve the overall quality of your A/P processes.