Top Reasons to Automate Accounts Payable
Although modern technology has made Accounts Payable payment automation a standard for a number of corporations, 60 % of organizations in the USA are unaware of the countless benefits of A/P automation. Leveraging software to implement the process in manner that is seamless and trouble-free, here are our major 5 reasons why you should automate.
Accounts Payable automation lets A/P to correctly project its pending cash specifications, consequently getting rid of guesswork. With increased transparency from A/P automation, awareness into the process allows your A/P department to deal with tasks and priorities that can impact your department with value add actions.
Strengthen internal controls
A manual A/P process is vulnerable to fraudulent activity. You add to the pitfalls of human oversight, overdue payments, lost invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that stop and deter fraud.
The outdated manual process suffers from lack of visibility, in which can result in neglecting to recognize a portion of liabilities. This can read more understate expenses as well as overstate revenue, that may result in accounting and reporting irregularities and ultimately fraudulent activity. A/P automation produces an entire audit trail of each and every step in the process, and enables management to quickly solve more info possible problems.
Your vendors want a more efficient payment process. More efficient payments result in savings and savings for you. If you pay your customers with virtual card, which is an individual issued card for a one-time use, you earn monthly cash rebates. It’s mutually beneficial for Accounts Payable and Accounts Receivable. Your clients benefit from more efficient, streamlined payments and your A/P Department pivots to a profit generator.
Prevent error, delay, and pointless costs with an automated A/P process. A/P mistakes are costly and use up many resources to manually fix. With payment automation, you see where, when and why mistakes transpired. Unlike the manual process, with automation you’ll be in a position to methodically address and eliminate mistakes to increase quality.
A/P payment automation will save you cash, earn you additional revenue, reduce the risks of fraud, bring your operations increased transparency, fulfill your customers’ demands, and boost the overall quality of your A/P processes.