Top Reasons to Automate Accounts Payable
Despite the fact that modern technology has made Accounts Payable payment automation indispensable for many organizations, 60 % of corporations in the US are unaware of the numerous advantages of A/P automation. Leveraging software applications to apply the method in manner that is seamless and convenient, listed here are our best 5 reasons why you should automate.
Accounts Payable automation lets A/P to accurately project its outstanding cash specifications, consequently removing uncertainty. With greater transparency from A/P automation, awareness into the process allows your A/P department to concentrate on activities and priorities that can effect your department with value add activities.
Reinforce central controls
A manual A/P process is at risk of fraudulent activity. You multiply the threats of human oversight, late payments, missing invoices, and the dreaded rush invoices. An automated A/P process embeds controls that put a stop to and discourage fraudulent activity.
The obsolete manual practice is affected with insufficient awareness, through which can result in neglecting to identify a portion of risks. This could understate expenditures and therefore overstate revenue, that may contribute to accounting and reporting irregularities and ultimately fraudulent activity. A/P automation produces a total audit trail of every step in the method, and makes it possible for management to promptly correct possible issues.
Your vendors prefer a more efficient payment process. More efficient payments result in savings and cost savings for you. Whenever you pay your customers by means of virtual card, which is a single issued credit card for a one-time click here use, you earn monthly cash back incentives. It’s jointly good for Accounts Payable and Accounts Receivable. Your customers benefit from more efficient, seamless payments and your A/P Department pivots to a profit generator.
Avoid error, delay, and pointless costs with an automated A/P process. A/P mistakes can be very expensive and use up many resources to manually handle. With payment automation, you will see where, when and why problems happened. In contrast to the manual method, with automation you’ll be able to methodically address and reduce problems to increase quality.
A/P payment automation can save you cash, earn you additional earnings, decrease the risks of fraud, bring your operations greater transparency, meet the customers’ needs, and advance the total quality of your A/P processes.