Top Reasons Why You Should Automate Accounts Payable
While technology has made Accounts Payable payment automation indispensable for a lot of companies, 60 percent of companies in the USA are not aware of the countless benefits associated with A/P automation. Leveraging software programs to utilize the process in manner that is seamless and easy, listed here are our best 5 reasons to automate.
Cash Optimization
Accounts Payable automation enables A/P to correctly project its outstanding cash requirements, therefore getting rid of guess work. With greater transparency from A/P automation, awareness into the system allows your A/P department to concentrate on activities and things which will impact your department with value added activities.
Strengthen central controls
A manual A/P process is vulnerable to fraud. You add to the threats of human error, overdue payments, missing invoices, and the dreaded rush invoices. An automated A/P process embeds controls that avoid and discourage fraud.
Optimize Awareness
The outdated manual practice suffers from insufficient awareness, by which can result in neglecting to recognize a part of liabilities. This could understate expenses as well as overstate income, that may cause accounting and reporting irregularities and ultimately fraud. A/P automation produces a total audit trail of each and every step in the process, and allows management to swiftly resolve potential problems.
Satisfy Customers
Your vendors prefer a more effective payment process. Easier payments result in special offers and savings for you. Whenever you pay your clients with virtual card, which is a single issued card for a one-time use, you receive monthly cash back incentives. It’s mutually beneficial for Accounts Payable and Accounts Receivable. Your customers experience more efficient, seamless payments and your A/P Department pivots to a profit generator.
Enhance Quality
Prevent error, delay, and needless costs with an more info automated A/P process. A/P mistakes can be very expensive and take many resources to manually handle. With payment automation, you see where, when and why issues occurred. Unlike the manual process, with automation here you’ll be able to systematically address and eliminate mistakes to enhance quality.
A/P payment automation can help you save cash, earn you extra income, reduce the risks of fraud, bring your operations greater transparency, satisfy the customers’ needs, and enhance the total quality of your A/P processes.