Top Reasons Why You Should Automate Accounts Payable
Even though modern technology has made Accounts Payable payment automation a standard for many organizations, 60 % of organizations in the USA are unaware of the countless advantages of A/P automation. Leveraging software to utilize the process in manner that is seamless and trouble-free, the following are our major 5 reasons why you should automate.
Accounts Payable automation lets A/P to correctly project its outstanding cash specifications, consequently removing guesswork. With better transparency from A/P automation, awareness into the system allows your A/P department to concentrate on activities and things that will effect your department with value add actions.
Reinforce central controls
A manual A/P process is subject to fraud. You increase the risks of human error, overdue payments, missing invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that avoid and discourage fraud.
Capitalize on Exposure
The outdated manual process suffers from lack of awareness, in which can result in neglecting to recognize a part of liabilities. This can understate operating expenses and therefore overstate income, which can trigger accounting and reporting irregularities and ultimately fraud. A/P automation provides a total audit trail of every part of the method, and lets management to swiftly resolve potential issues.
Your vendors would like a more efficient payment method. More efficient payments result in special offers and cost savings for you. If you pay your clients with virtual card, which is an individual issued credit card for a one-time use, you will earn monthly cash back incentives. It’s equally beneficial for Accounts Payable and Accounts Receivable. Your customers benefit from more efficient, ap solutions streamlined payments and your A/P Department pivots to a revenue generator.
Prevent error, delay, and unnecessary costs with an automated A/P process. A/P problems are costly and consume many resources to manually solve. With payment automation, you can see where, when and why mistakes occurred. In contrast to the manual process, with automation you’ll have the ability to systematically address and get rid of errors to boost quality.
A/P payment automation will save you cash, earn you additional revenue, decrease the risks of fraud, provide your operations more transparency, meet your customers’ needs, and enrich the total quality of your A/P processes.