Top Reasons Why You Should Automate Accounts Payable
Even though modern technology makes Accounts Payable payment automation simple for numerous businesses, 60 % of organizations in the USA are unaware of the countless benefits associated with A/P automation. Leveraging software to implement the process in manner that is seamless and trouble-free, the following are our major 5 reasons to automate.
Accounts Payable automation enables A/P to correctly project its pending cash requirements, consequently getting rid of uncertainty. With more transparency from A/P automation, awareness into the system allows your A/P department to give attention to activities and things which will impact your department with value added activities.
Strengthen central controls
A manual A/P process is prone to fraud. You add to the threats of human error, overdue payments, lost invoices, and the dreaded rush invoices. An automated A/P process embeds controls that avoid and deter fraudulent activity.
The outdated manual method suffers from insufficient awareness, through which can result in neglecting to realize a portion of risks. This can understate expenditures and therefore overstate earnings, that may trigger accounting and reporting irregularities and ultimately fraud. A/P automation produces a total audit trail of each and every step in the process, and makes it possible for management to rapidly resolve possible difficulties.
Your suppliers want a more beneficial payment method. More efficient payments result in discounts and savings for you. Whenever you pay your clients with virtual card, which is an individual issued credit card for a one-time use, you earn monthly cash rebates. It’s equally good for Accounts Payable and Accounts Receivable. Your clients experience more efficient, seamless payments and your A/P Department pivots to a revenue generator.
Avoid error, delay, and unneeded costs with an automated A/P process. A/P problems are costly and consume many resources to manually handle. With payment automation, you will see where, when and why issues occurred. Unlike the manual process, with automation you’ll be able to systematically address and eliminate errors to improve quality.
A/P here payment automation can save you cash, earn you extra revenue, reduce the risks of fraud, provide your operations better transparency, satisfy here the customers’ demands, and advance the total quality of your A/P processes.