Top Reasons Why You Should Automate Accounts Payable
Even though modern technology has made Accounts Payable payment automation simple for a lot of companies, 60 percent of businesses in the United States do not know of the countless advantages of A/P automation. Leveraging software to utilize the method in manner that is seamless and convenient, listed here are our top five reasons why you should automate.
Accounts Payable automation lets A/P to correctly project its pending cash requirements, therefore eliminating guess work. With more transparency from A/P automation, visibility into the process allows your A/P department to deal with activities and things that will impact your department with value add actions.
Strengthen internal controls
A manual A/P process is vulnerable to fraudulent activity. You add to the issues of human oversight, overdue payments, lost invoices, and the dreaded rush invoices. An automated A/P process embeds controls that reduce and discourage fraudulent activity.
The obsolete manual method is affected with insufficient awareness, by which can result in neglecting to recognize a segment of liabilities. This could understate expenditures thereby overstate earnings, which could contribute to accounting and reporting abnormalities and ultimately fraudulent activity. A/P automation produces an entire audit trail of each and every part of the method, and makes it possible for management to promptly resolve possible problems.
Your suppliers prefer a more efficient payment process. Easier payments result in special discounts and cost savings for you. When you pay your customers with virtual card, which is an individual issued card for a one-time use, you generate monthly cash back incentives. It’s collectively beneficial for Accounts Payable and Accounts Receivable. Your clients benefit from more efficient, seamless payments and your A/P Department get more info pivots to a cash generator.
Improve website Quality
Prevent error, delay, and avoidable costs with an automated A/P process. A/P mistakes are expensive and take many resources to manually clear up. With payment automation, you see where, when and why problems occurred. Contrary to the manual process, with automation you’ll be able to methodically address and eliminate problems to improve quality.
A/P payment automation will save you cash, earn you extra cash, reduce the risks of fraudulent activity, bring your operations more transparency, satisfy your customers’ needs, click here and improve the overall quality of your A/P processes.