Top Reasons Why You Should Automate Accounts Payable
Even though technology makes Accounts Payable payment automation a standard for numerous businesses, 60 % of companies in the US are unaware of the countless benefits of A/P automation. Leveraging software applications to implement the process in manner that is seamless and easy, listed here are our main five reasons why you should automate.
Accounts Payable automation lets A/P to accurately project its pending cash requirements, consequently getting rid of guess work. With greater transparency from A/P automation, awareness into the system allows your A/P department to focus on tasks and things that will impact your department with value add actions.
Improve central controls
A manual A/P method is subject to fraudulent activity. You add to the pitfalls of human oversight, overdue payments, lost invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that stop and deter fraud.
The obsolete manual practice is affected with lack of visibility, through which can result in failing to identify a part of liabilities. This can understate operating expenses and therefore overstate revenue, which can cause accounting and reporting abnormalities and ultimately fraudulent activity. A/P automation offers a total audit trail of each part of the process, and makes it possible for management to quickly fix potential complications.
Your vendors prefer a more effective payment process. Easier payments result in discounts and savings for you. When you pay your clients via virtual check here card, which is an individual issued credit card ap solutions for a one-time use, you earn monthly cash rebates. It’s jointly beneficial for Accounts Payable and Accounts Receivable. Your customers experience more efficient, seamless payments and your A/P Department pivots to a cash generator.
Prevent error, delay, and pointless costs with an automated A/P process. A/P problems are costly and consume many resources to manually fix. With payment automation, you will see where, when and why problems happened. Unlike the manual procedure, with automation you’ll be in a position to systematically address and reduce problems to improve quality.
A/P payment automation will save you cash, earn you extra profit, reduce the risks of fraudulent activity, bring your operations better transparency, fulfill the customers’ needs, and improve the overall quality of your A/P processes.