Top Reasons to Automate Accounts Payable
While tech makes Accounts Payable payment automation a standard for numerous companies, 60 percent of companies in the US do not know of the many advantages to A/P automation. Leveraging software to implement the method in manner that is seamless and trouble-free, listed here are our major 5 reasons to automate.
Accounts Payable automation allows A/P to accurately project its outstanding cash requirements, accordingly getting rid of uncertainty. With increased transparency from A/P automation, visibility into the process allows your A/P department to concentrate on tasks and priorities which will effect your department with value added actions.
Improve central controls
A manual A/P method is vulnerable to fraudulent activity. You add to the pitfalls of human error, overdue payments, missing invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that put a stop to and deter fraud.
Capitalize on Awareness
The outdated manual method is affected with lack of visibility, in which can result in neglecting to acknowledge a portion of liabilities. This may understate expenses as well as overstate earnings, which get more info can result in accounting and reporting malfunctions and ultimately fraudulent activity. A/P automation produces a total audit trail of each part of the process, and lets management to promptly deal with possible issues.
Your vendors want a more beneficial payment method. Easier payments result in special offers and savings for you. When you pay your clients by means of virtual credit card, which is a single issued card for a one-time use, you receive monthly cash rebates. It’s collectively good for Accounts Payable and Accounts Receivable. Your customers benefit get more info from more efficient, streamlined payments and your A/P Department pivots to a revenue generator.
Prevent error, delay, and avoidable costs with an automated A/P process. A/P mistakes may be very costly and take many resources to manually handle. With payment automation, you can see where, when and why errors took place. Unlike the manual method, with automation you’ll click here be able to systematically address and get rid of issues to enhance quality.
A/P payment automation will save you cash, earn you additional income, decrease the risks of fraudulent activity, get your operations more transparency, fulfill your customers’ needs, and advance the total quality of your A/P processes.