Top Reasons to Automate Accounts Payable
Although technology has made Accounts Payable payment automation simple for a number of organizations, 60 percent of organizations in the United States do not know of the numerous advantages to A/P automation. Leveraging software to utilize the method in manner that is seamless and easy, listed here are our main 5 reasons why you should automate.
Accounts Payable automation lets A/P to accurately project its outstanding cash requirements, consequently getting rid of guesswork. With better transparency from A/P automation, awareness into the system allows your A/P department to give attention to tasks and priorities which will effect your department with value add actions.
Enhance central controls
A manual A/P method is vulnerable to fraudulent activity. You add to the challenges of human error, late payments, missing invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that prevent and deter fraud.
The outdated manual practice suffers from lack of visibility, wherein can result in neglecting to realize a segment of liabilities. This can understate expenditures as well as overstate income, that may lead to accounting and reporting abnormalities and ultimately fraud. A/P automation offers a total audit trail of every step in the process, and allows management to swiftly solve possible troubles.
Your vendors prefer a more effective payment method. Easier payments result in discounts and more infoclick here savings for you. When you pay your customers with virtual card, which is a single issued credit card for a one-time use, you receive monthly cash back incentives. It’s mutually beneficial for Accounts Payable and Accounts Receivable. Your customers benefit from more efficient, seamless payments and your A/P Department pivots to a revenue generator.
Avoid error, delay, and avoidable costs with an automated A/P process. A/P errors can be very expensive and use up many resources to manually remedy. With payment website automation, you can see where, when and why mistakes happened. Contrary to the manual procedure, with automation you’ll have the ability to methodically address and reduce mistakes to enhance quality.
A/P payment automation can help you save cash, earn you extra earnings, reduce the risks of fraud, provide your operations more transparency, satisfy your customers’ demands, and improve the total quality of your A/P processes.