Top Reasons Why You Should Automate Accounts Payable
While tech makes Accounts Payable payment automation indispensable for a number of companies, 60 percent of companies in the US are not aware of the numerous advantages to A/P automation. Leveraging software programs to implement the process in manner that is seamless and convenient, listed here are our best five reasons why you should automate.
Cash Optimization
Accounts Payable automation lets A/P to accurately project its pending cash requirements, consequently eliminating estimation. With more 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.
Strengthen central controls
A manual A/P method is subject to fraudulent activity. You raise the issues of human error, overdue payments, lost invoices, and the dreaded rush invoices. An automated A/P process embeds controls that stop and deter fraudulent activity.
Maximize Visibility
The obsolete manual method is affected with insufficient visibility, by which can result in failing to identify a portion of risks. This could understate expenses as well as overstate earnings, that may trigger accounting and reporting malfunctions and ultimately fraudulent activity. A/P automation offers a complete audit trail of each step in the method, and enables management to promptly handle possible troubles.
Satisfy Customers
Your vendors prefer a more beneficial payment method. More efficient more info payments result in discount rates and cost savings for you. When you pay your customers with virtual card, which is an individual issued credit card for a one-time use, you generate monthly cash back incentives. It’s mutually beneficial for Accounts Payable and Accounts Receivable. Your customers experience more efficient, seamless payments and your A/P Department pivots to a income generator.
Improve Quality
Avoid error, delay, and unnecessary costs with an automated A/P process. A/P errors may be very costly and consume many resources to manually correct. With payment automation, you click here see where, when and why mistakes took place. Contrary to the manual procedure, with automation you’ll be able to here systematically address and get rid of problems to boost quality.
A/P payment automation will save you cash, earn you additional revenue, reduce the risks of fraud, get your operations more transparency, fulfill the customers’ demands, and enhance the total quality of your A/P processes.