Top Reasons Why You Should Automate Accounts Payable
Despite the fact that tech has made Accounts Payable payment automation indispensable for a lot of companies, 60 % of corporations in the US are unaware of the countless benefits of A/P automation. Leveraging software to apply the method in manner that is seamless and trouble-free, here are our major 5 reasons to automate.
Accounts Payable automation enables A/P to correctly project its pending cash requirements, accordingly getting rid of guess work. With increased transparency from A/P automation, awareness into the system allows your A/P department to focus on activities and priorities which will effect your department with value added activities.
Strengthen central controls
A manual A/P method is prone to fraud. You raise the risks of human oversight, overdue payments, lost invoices, and the dreaded rush invoices. An automated A/P process embeds controls that put a stop to and discourage fraud.
The outdated manual process is affected with lack of visibility, by which can result in failing to identify a portion of risks. This could understate expenses as well as overstate earnings, which can result in accounting and reporting abnormalities and ultimately fraud. A/P automation produces a total audit trail of each and every step in the process, and enables management to promptly handle possible complications.
Your suppliers want a more beneficial payment process. Easier payments result in special discounts and savings for you. Whenever you pay your customers by way of virtual card, which is a single issued card for a one-time use, you will earn monthly cash rebates. It’s collectively beneficial for Accounts Payable and Accounts Receivable. Your customers benefit from more efficient, streamlined payments and your A/P Department pivots to a revenue generator.
Avoid error, delay, and unnecessary costs with an automated A/P process. A/P errors may be very costly accounts payable solutions and use up many resources to manually remedy. With payment automation, you will see where, when and why issues transpired. In contrast to the manual method, with automation you’ll be in a position to systematically address and get rid of mistakes to improve quality.
A/P payment automation will save you cash, earn you extra income, reduce the risks of fraud, provide your operations better transparency, meet the customers’ needs, and enrich the total quality of your A/P processes.