Top Reasons Why You Should Automate Accounts Payable
Despite the fact that technology makes Accounts Payable payment automation simple for a lot of businesses, 60 % of businesses in the United States are unaware of the many benefits of A/P automation. Leveraging software programs to utilize the process in manner that is seamless and effortless, listed here are our main 5 reasons to automate.
Accounts Payable automation lets A/P to correctly project its outstanding cash requirements, consequently eliminating guess work. With better transparency from A/P automation, visibility into the process allows your A/P department to focus on tasks and things that can effect your department with value added activities.
Reinforce internal controls
A manual A/P process is at risk of fraudulent activity. You multiply the pitfalls of human oversight, late payments, lost invoices, and the dreaded rush invoices. An automated A/P process embeds controls that stop and discourage fraud.
Capitalize on Awareness
The outdated manual practice suffers from lack of visibility, by which can result in failing to realize a portion of liabilities. This may understate expenses thereby overstate earnings, that may trigger accounting and reporting irregularities and ultimately fraudulent activity. A/P automation delivers an entire audit trail of each part of the process, and allows management to quickly deal with potential problems.
Your vendors prefer a more effective payment process. More efficient payments result in discount rates and cost savings for you. If you pay your customers by means of virtual credit 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 benefit from 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 may be very costly and take many resources to manually handle. With payment automation, you can see where, when and why problems took place. Unlike the manual procedure, with automation you’ll be in a position to methodically address and get rid of mistakes to enhance quality.
A/P payment click here automation can ap solutions save you cash, earn you additional revenue, lessen the risks of fraudulent activity, get your operations increased transparency, satisfy the customers’ demands, and improve the total quality of your A/P processes.