Top Reasons Why You Should Automate Accounts Payable
Although technology makes Accounts Payable payment automation a standard for a lot of companies, 60 % of companies in the US are unaware of the countless advantages of A/P automation. Leveraging software applications to implement 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 enables A/P to accurately project its outstanding cash requirements, therefore getting rid of uncertainty. With better transparency from A/P automation, awareness into the system allows your A/P department to focus on tasks and priorities that will impact your department with value add actions.
Improve internal controls
A manual A/P process is at risk of fraud. You add to the issues of human error, 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.
Boost Awareness
The outdated manual process suffers from insufficient awareness, through which can result in neglecting to identify a portion of risks. This may understate expenses and therefore overstate revenue, that may trigger accounting and reporting malfunctions and ultimately fraud. A/P automation delivers an entire audit trail of each and every step in the method, and makes it possible for management to swiftly handle possible problems.
Satisfy Clients
Your suppliers would like a more beneficial payment process. More efficient payments result in discount rates and savings for you. If you ap automation pay your customers by way of virtual credit card, which is a single read more issued card for a one-time use, you will earn monthly cash rebates. It’s equally good for Accounts Payable and Accounts Receivable. Your customers benefit from more efficient, streamlined payments and your A/P Department pivots to a cash generator.
Enhance Quality
Prevent error, delay, and needless costs with an automated A/P process. A/P mistakes may be very costly and consume many resources to manually remedy. With payment automation, you see where, when and why errors happened. In contrast to the manual process, with automation you’ll have the ability to methodically address and get rid of problems to increase quality.
A/P payment automation can help you save cash, earn you extra income, reduce the risks of fraudulent activity, provide your operations more transparency, meet your customers’ needs, click here and enhance the overall quality of your A/P processes.