Top Reasons to Automate Accounts Payable
Even though modern technology has made Accounts Payable payment automation a standard for numerous businesses, 60 % of organizations in the US do not know of the many advantages of A/P automation. Leveraging software applications to apply the method in manner that is seamless and convenient, listed here are our best 5 reasons why you should automate.
Cash Optimization
Accounts Payable automation lets A/P to accurately project its outstanding cash requirements, therefore removing estimation. With increased transparency from A/P automation, visibility into the system allows your A/P department to give attention to activities and things that will effect your department with value add actions.
Improve central controls
A manual A/P process is susceptible to fraudulent activity. You raise the challenges of human oversight, late payments, lost invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that put a stop to and deter fraud.
Enhance Visibility
The outdated manual practice suffers read more from lack of awareness, in which can result in neglecting to acknowledge a segment of risks. This can understate expenditures as well as overstate revenue, which can trigger accounting and reporting irregularities and ultimately fraud. A/P automation offers a complete audit trail of every step in the method, and makes it possible for management to rapidly deal with possible complications.
Satisfy Clients
Your suppliers would like a more efficient payment process. More efficient payments result in discounts and savings for you. When you pay your customers by way of virtual credit card, which is an individual issued credit card for a one-time use, you will earn monthly cash back incentives. It’s jointly good for Accounts Payable and Accounts Receivable. Your clients experience more efficient, seamless payments and your A/P Department pivots to a profit generator.
Enhance Quality
Prevent error, delay, and pointless costs with an automated A/P process. A/P problems are costly and take many resources to manually fix. With payment automation, you can see where, when and why problems happened. Unlike the manual process, with automation you’ll be able to methodically address and reduce problems to increase quality.
A/P payment automation can help you save cash, earn you extra income, reduce the risks of fraudulent activity, get your operations more transparency, meet the customers’ demands, and boost the overall quality of your A/P processes.