Top Reasons Why You Should Automate Accounts Payable
Despite the fact that technology has made Accounts Payable payment automation indispensable for a number of businesses, 60 % of businesses in the USA do not know of the countless advantages to A/P automation. Leveraging software programs to utilize the process in manner that is seamless and convenient, here are our best 5 reasons to automate.
Cash Optimization
Accounts Payable automation allows A/P to accurately project its outstanding cash requirements, consequently eliminating guesswork. With greater transparency from A/P automation, awareness into the system allows your A/P department to deal with activities and priorities that can effect your department with value added actions.
Enhance internal controls
A manual A/P process is at risk of fraudulent activity. You add to the risks of human oversight, late payments, lost invoices, and the dreaded rush invoices. An automated A/P process embeds controls that reduce and discourage fraud.
Enhance Awareness
The obsolete manual process is affected with insufficient visibility, by which can result in check here neglecting ap automation to realize a portion of liabilities. This can understate expenditures thereby overstate income, that may result in accounting and reporting abnormalities and ultimately fraudulent activity. A/P automation delivers a total audit trail of each part of the process, and lets management to rapidly deal with potential issues.
Please Clients
Your suppliers prefer a more effective payment process. More efficient payments result in discounts and savings for you. Whenever you pay your customers with virtual card, which is a single issued credit card for a one-time use, you generate monthly cash rebates. It’s collectively good for Accounts Payable and Accounts Receivable. Your customers experience more more info efficient, seamless payments and your A/P Department pivots to a revenue generator.
Enhance Quality
Prevent error, delay, and avoidable costs with an automated A/P process. A/P problems are costly and take many resources to manually resolve. With payment automation, you will see where, when and why errors took place. Contrary to the manual procedure, with automation you’ll be able to systematically address and get rid of issues to enhance quality.
A/P payment automation will save you cash, earn you extra profit, reduce the risks of fraud, get your operations more transparency, meet your customers’ needs, and boost the total quality of your A/P processes.