Top Reasons to Automate Accounts Payable
Even though modern technology makes Accounts Payable payment automation a standard for a number of companies, 60 percent of organizations in the US are not aware of the many advantages of A/P automation. Leveraging software to implement the method in manner that is seamless and effortless, here are our top 5 reasons why you should automate.
Cash Optimization
Accounts Payable automation enables A/P to accurately project its pending cash requirements, therefore getting rid of speculation. With better transparency from A/P automation, awareness into the process allows your A/P department to concentrate on tasks and priorities that will effect your department with value add activities.
Strengthen internal controls
A manual A/P method is vulnerable to fraud. You raise the threats of human error, late payments, lost invoices, and the dreaded rush invoices. An automated A/P process embeds controls that stop and discourage fraud.
Maximize Exposure
The outdated manual method is affected with insufficient awareness, wherein can result in neglecting to recognize a segment of risks. This can understate expenditures as well as overstate revenue, which can contribute to accounting and reporting irregularities and ultimately fraud. A/P automation provides a whole audit trail of each and every part of the method, and allows management to rapidly deal with possible complications.
Please Clients
Your suppliers prefer a more efficient payment process. Easier payments result in savings and savings for you. When you pay your website clients with virtual card, which is a single issued credit card for a one-time use, you will earn monthly cash back incentives. It’s equally 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.
Improve Quality
Prevent error, delay, and unnecessary costs with an automated A/P process. A/P problems may be very costly and take many resources to manually clear up. With payment automation, you will see where, when and why mistakes transpired. In contrast to the manual process, with automation you’ll be in a position to methodically address and reduce issues to boost quality.
A/P payment automation will save you cash, earn you extra earnings, decrease the risks of fraud, bring your operations better accounts payable solutions transparency, fulfill your customers’ demands, and enrich the total quality of your A/P processes.