Top Reasons to Automate Accounts Payable
Although modern technology makes Accounts Payable payment automation simple for numerous corporations, 60 % of corporations in the US do not know of the numerous advantages to 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.
Cash Optimization
Accounts Payable automation lets A/P to correctly project its pending cash specifications, consequently getting rid of speculation. With greater transparency from A/P automation, awareness into the system allows your A/P department to deal with tasks and things which will effect your department with value added activities.
Reinforce central controls
A manual A/P process is susceptible to fraud. You add to the threats of human oversight, overdue payments, lost invoices, and the dreaded rush invoices. An automated A/P process embeds controls that put a stop to and discourage fraudulent activity.
Improve Exposure
The obsolete manual practice is affected with insufficient awareness, by which can result in failing to acknowledge a part of liabilities. This may understate operating expenses as well as overstate revenue, that may trigger accounting and reporting irregularities and ultimately fraudulent activity. A/P automation delivers a complete audit trail of each and every step in the process, and allows management to quickly solve possible complications.
Satisfy Clients
Your suppliers would like a more effective payment process. More efficient payments result in special offers and savings for you. If you pay your customers with virtual card, which is an individual issued credit card for a one-time use, you receive monthly cash back incentives. It’s collectively good for Accounts Payable and Accounts Receivable. Your clients benefit from more efficient, streamlined payments and your A/P Department pivots to a cash generator.
Enhance Quality
Prevent error, delay, and unneeded costs with an automated here A/P process. A/P problems are expensive and use up many resources to manually solve. With payment automation, you will see where, when and why issues occurred. In contrast to the manual method, with automation you’ll have the ability to systematically address and get rid of problems to increase quality.
A/P payment automation can help you save cash, earn you extra earnings, decrease the risks of accounts payable solutions fraud, bring your operations greater transparency, satisfy the customers’ demands, and enrich the overall quality of your A/P processes.