Top Reasons Why You Should Automate Accounts Payable
Even though technology makes Accounts Payable payment automation indispensable for a number of companies, 60 percent of organizations in the United States do not know of the numerous advantages of A/P automation. Leveraging software applications to implement the process in manner that is seamless and trouble-free, the following are our top 5 reasons why you should automate.
Cash Optimization
Accounts Payable automation lets A/P to accurately project its pending cash specifications, accordingly eliminating guess work. With more transparency from A/P automation, awareness into the system allows your A/P department to concentrate on activities and things that can effect your department with value add activities.
Improve central controls
A manual A/P method is subject to fraudulent activity. You multiply the challenges of human oversight, overdue payments, missing invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that put a stop to and deter fraud.
Improve Exposure
The click here obsolete manual method is affected with insufficient awareness, in which can result in ap solutions failing to identify a segment of risks. This may understate expenses thereby overstate earnings, which can lead to accounting and reporting irregularities and ultimately fraudulent activity. A/P automation provides a total audit trail of every part of the process, and permits management to swiftly correct possible issues.
Please Customers
Your suppliers want a more efficient payment method. Easier payments result in special offers and savings for you. Whenever you pay your clients by way of virtual card, which is an individual issued card for a one-time use, you receive monthly read more cash back incentives. It’s mutually beneficial for Accounts Payable and Accounts Receivable. Your clients experience more efficient, streamlined payments and your A/P Department pivots to a cash generator.
Enhance Quality
Avoid error, delay, and unnecessary costs with an automated A/P process. A/P mistakes are costly and use up many resources to manually solve. With payment automation, you will see where, when and why issues happened. In contrast to the manual procedure, with automation you’ll be able to methodically address and get rid of issues to improve quality.
A/P payment automation can save you cash, earn you extra cash, reduce the risks of fraud, get your operations greater transparency, meet the customers’ needs, and advance the overall quality of your A/P processes.