Top Reasons Why You Should Automate Accounts Payable
Although modern technology makes Accounts Payable payment automation indispensable for a lot of corporations, 60 percent of companies in the US are unaware of the many benefits of A/P automation. Leveraging software to implement the method in manner that is seamless and trouble-free, here are our top five reasons why you should automate.
Cash Optimization
Accounts Payable automation enables A/P to correctly project its pending cash requirements, accordingly eliminating guesswork. With greater transparency from A/P automation, visibility into the process allows your A/P department to concentrate on activities and priorities that can effect your department with value add actions.
Reinforce internal controls
A manual A/P method is vulnerable to fraud. You raise the threats of human error, overdue payments, missing invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that put a stop to and discourage fraud.
Capitalize on Exposure
The outdated manual method is affected with insufficient visibility, by which can result in neglecting to identify a part of liabilities. This may understate expenses thereby overstate income, that may cause accounting and reporting abnormalities and ultimately fraudulent activity. A/P automation provides an entire audit trail of every part of the method, and permits management to quickly handle potential problems.
Satisfy Clients
Your vendors prefer a more efficient payment method. More efficient payments result in special discounts and website savings for you. Whenever you pay your clients by way of virtual credit card, which is a single issued check here credit card for a one-time use, you earn monthly cash rebates. It’s collectively good for Accounts Payable and Accounts Receivable. Your customers benefit from more efficient, streamlined payments and your A/P Department pivots to a income generator.
Improve Quality
Avoid error, delay, and unnecessary costs with an automated A/P process. A/P mistakes can be very expensive and take many resources to manually remedy. With payment automation, you will see where, when and why mistakes transpired. In contrast to the manual procedure, with automation you’ll have the ability to systematically address and reduce problems to improve quality.
A/P payment automation can help you save cash, earn you extra profit, reduce the risks of fraud, get your operations greater transparency, fulfill your customers’ needs, and enhance the overall quality of your A/P processes.