Top Reasons Why You Should Automate Accounts Payable
Although modern technology makes Accounts Payable payment automation simple for a lot of businesses, 60 percent of organizations in the USA are unaware of the many advantages of A/P automation. Leveraging software applications to apply the method in manner that is seamless and effortless, here are our top 5 reasons why you should automate.
Cash Optimization
Accounts Payable automation enables A/P to accurately project its pending cash specifications, therefore removing uncertainty. With increased 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 added activities.
Improve internal controls
A manual A/P process is susceptible 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 prevent and discourage fraud.
Optimize Exposure
The outdated manual practice suffers from insufficient visibility, through which can result in neglecting to realize a portion of risks. This can understate expenditures and therefore overstate earnings, which can trigger accounting and reporting irregularities and ultimately fraudulent activity. A/P automation delivers a whole audit trail of each and every part of the process, and lets management to rapidly correct potential problems.
Satisfy Clients
Your vendors prefer a more effective payment process. Easier payments result in savings and savings for you. Whenever you pay your clients with virtual card, which is a single issued card for a one-time use, you receive monthly click here cash back incentives. It’s mutually beneficial for Accounts Payable and Accounts Receivable. Your check here customers benefit from more efficient, streamlined payments and your A/P Department pivots to a cash generator.
Enhance Quality
Prevent error, delay, and pointless costs with an automated A/P process. A/P errors can be very expensive and use up many resources to manually resolve. With payment automation, you can see where, when and why problems took place. Contrary to the manual procedure, with automation you’ll be in a position to methodically address and reduce issues to boost quality.
A/P payment automation will save you cash, earn you additional cash, lessen the risks of fraudulent activity, provide your operations more transparency, fulfill your customers’ demands, and enrich the overall quality of your A/P processes.