Top Reasons Why You Should Automate Accounts Payable
Even though modern technology makes Accounts Payable payment automation simple for numerous businesses, 60 % of businesses in the US are not aware of the numerous advantages of A/P automation. Leveraging software to utilize the process in manner that is seamless and easy, here are our top five reasons why you should automate.
Accounts Payable automation lets A/P to accurately project its outstanding cash specifications, accordingly eliminating speculation. With better transparency from A/P automation, visibility into the system allows your A/P department to concentrate on activities and priorities that can impact your department with value add actions.
Improve internal controls
A manual A/P method is at risk of 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 avoid and discourage fraud.
The outdated manual process is affected with lack of visibility, in which can result in failing to recognize a part of liabilities. This could understate operating expenses thereby overstate income, that may cause accounting and reporting abnormalities and ultimately fraud. A/P automation produces a complete audit trail of each part of the method, and enables management accounts payable solutions to promptly handle possible troubles.
Your vendors prefer a more effective payment process. Easier payments result in savings and cost savings for click here you. Whenever you pay your customers with virtual credit card, which is an individual issued credit card for a one-time use, you will earn monthly cash rebates. It’s collectively beneficial for Accounts Payable and Accounts Receivable. Your clients experience more efficient, streamlined payments and your A/P Department pivots to a cash generator.
Prevent error, delay, and unnecessary costs with an automated A/P process. A/P errors can be very expensive and take many resources to manually fix. With payment automation, you will see where, when and why problems took place. In contrast to the manual method, with automation you’ll be in a position to methodically address and eliminate errors to improve quality.
A/P payment automation can help you save cash, earn you extra income, reduce the risks of fraud, bring your operations better transparency, satisfy the customers’ needs, and boost the overall quality of your A/P processes.