Top Reasons to Automate Accounts Payable
Even though modern technology makes Accounts Payable payment automation simple for a lot of companies, 60 percent of companies in the USA are unaware of the numerous benefits associated with A/P automation. Leveraging software to utilize the process in manner that is seamless and effortless, here are our top 5 reasons to automate.
Cash Optimization
Accounts Payable automation enables A/P to accurately project its outstanding cash specifications, accordingly removing uncertainty. With more transparency from A/P automation, visibility into the process allows your A/P department to focus on tasks and priorities that will effect your department with value add activities.
Enhance internal controls
A manual A/P process is susceptible to fraudulent activity. You raise the challenges of human error, overdue payments, missing invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that avoid and deter fraudulent activity.
Increase Awareness
The obsolete manual practice is affected with lack of awareness, by which can result in neglecting to realize a part of risks. This can understate expenses thereby overstate revenue, that may lead to accounting and reporting irregularities and ultimately fraudulent activity. A/P automation delivers a whole audit trail of each and every step in the process, and makes it possible for management to swiftly handle possible troubles.
Satisfy Clients
Your vendors would like a more beneficial payment process. Easier payments result in discounts and savings for you. Whenever you pay your clients by way of virtual card, which is an individual issued card for a one-time use, you will earn monthly cash rebates. It’s equally good for Accounts get more info Payable and Accounts Receivable. Your customers benefit from more efficient, streamlined payments and your A/P Department pivots to a cash generator.
Improve Quality
Avoid error, delay, and unneeded costs with an automated A/P process. A/P problems are costly and use up many resources to manually clear up. With payment automation, you will see where, when and why mistakes happened. Contrary to the manual procedure, with automation you’ll be able to check here systematically address and eliminate errors to improve quality.
A/P payment automation can help you save cash, earn you extra earnings, lessen the risks of fraudulent activity, provide your operations better transparency, satisfy your customers’ needs, and advance the total quality of your A/P processes.