Top Reasons Why You Should Automate Accounts Payable
Although tech has made Accounts Payable payment automation indispensable for numerous organizations, 60 percent of organizations in the US do not know of the countless advantages of A/P automation. Leveraging software programs to implement the method in manner that is seamless and easy, 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, therefore getting rid of speculation. With increased transparency from A/P automation, visibility into the system allows your A/P department to deal with activities and priorities that can impact your department with value added actions.
Strengthen central controls
A manual A/P process is at risk of fraud. You increase the risks 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.
Enhance Visibility
The outdated manual method is affected with lack of visibility, through which can result in failing to identify a part of risks. This can understate expenditures thereby overstate revenue, that may cause accounting and reporting abnormalities and ultimately fraudulent activity. A/P automation click here delivers a total audit trail of every step in the process, and permits management to swiftly resolve possible issues.
Please Clients
Your suppliers prefer a more efficient payment process. Easier payments result in special offers and cost savings for you. Whenever you pay your customers via virtual credit card, which is a single issued credit card for a one-time use, you will earn monthly cash rebates. It’s mutually beneficial for Accounts Payable and Accounts Receivable. Your clients benefit from more efficient, seamless payments and your A/P Department pivots to a income generator.
Enhance Quality
Prevent error, delay, and unneeded costs with an automated A/P process. A/P errors are costly and use up many resources to manually correct. With payment automation, you can check here see where, when and why issues took place. Unlike the manual process, with automation you’ll be in a position to systematically address and eliminate problems to boost quality.
A/P payment automation can help you check here save cash, earn you extra cash, reduce the risks of fraud, bring your operations increased transparency, fulfill the customers’ demands, and boost the overall quality of your A/P processes.