Top Reasons to Automate Accounts Payable
While modern technology has made Accounts Payable payment automation a standard for a lot of companies, 60 percent of companies in the United States are unaware of the numerous benefits associated with A/P automation. Leveraging software programs to apply the method in manner that is seamless and easy, here are our best five reasons to automate.
Accounts Payable automation lets A/P to accurately project its pending cash requirements, accordingly eliminating uncertainty. With better transparency from A/P automation, visibility into the system allows your A/P department to give attention to tasks and things which will impact your department with value add actions.
Strengthen central controls
A manual A/P process is subject to fraudulent activity. You multiply the issues of human error, overdue payments, lost invoices, and the dreaded rush invoices. An automated A/P process embeds controls that stop and deter fraudulent activity.
The outdated manual process is affected with lack of awareness, wherein can result in failing to identify a portion of risks. This could understate operating expenses thereby overstate earnings, that may trigger accounting and reporting abnormalities and ultimately fraud. A/P automation offers a complete audit trail of each part of the method, and makes it possible for management to rapidly deal with possible issues.
Your suppliers want a more effective payment process. Easier payments result in discounts and cost savings for you. When you pay your clients via virtual card, which is an individual issued credit card for a one-time use, you generate monthly cash back incentives. It’s mutually beneficial for Accounts Payable and Accounts Receivable. Your clients experience more efficient, streamlined payments and your A/P Department pivots to a profit generator.
Prevent error, delay, and unneeded costs with an automated A/P process. A/P problems are costly and consume many resources to manually handle. With payment automation, you can see where, when and why errors transpired. Contrary to the manual process, with automation you’ll have the ability to methodically address and get rid of errors to enhance quality.
A/P payment automation can help you save cash, earn you extra income, reduce the risks of fraud, ap automation bring your operations greater transparency, satisfy the customers’ demands, and enrich the overall quality of here your A/P processes.