Top Reasons Why You Should Automate Accounts Payable
While modern technology has made Accounts Payable payment automation indispensable for a lot of businesses, 60 percent of businesses in the USA are unaware of the countless benefits associated with A/P automation. Leveraging software to utilize the process in manner that is seamless and easy, listed here are our main 5 reasons to automate.
Accounts Payable automation allows A/P to correctly project its outstanding cash requirements, consequently getting rid of guess work. With greater transparency from A/P automation, visibility into the system allows your A/P department to give attention to activities and things that can effect your department with value added actions.
Strengthen internal controls
A manual A/P method is prone to fraudulent activity. You multiply the challenges of human oversight, late payments, lost 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 method suffers from lack of awareness, through which can result in failing to identify a portion of liabilities. This can understate expenditures as well as overstate revenue, which can trigger accounting and reporting irregularities and ultimately fraud. A/P automation provides a total audit trail of each and every step in the method, and lets management to quickly deal with possible issues.
Your suppliers want a more get more info beneficial payment process. More efficient payments result in special offers and savings for you. If you pay your clients via virtual credit card, which is a single issued card for a one-time use, you receive monthly cash back incentives. It’s mutually beneficial for Accounts Payable and Accounts Receivable. Your customers benefit from more efficient, seamless payments and your A/P Department pivots to a profit generator.
Prevent error, delay, and needless costs with an automated A/P process. A/P mistakes may be very costly and take many resources to manually fix. With payment automation, you will see where, when and why faults transpired. Contrary to the manual procedure, with website automation you’ll be able to systematically address and eliminate mistakes to enhance quality.
A/P payment automation can help you save cash, earn you extra income, decrease the risks of fraud, bring your operations better transparency, fulfill the customers’ needs, and boost the total quality of your A/P processes.