Top Reasons to Automate Accounts Payable
Although tech has made Accounts Payable payment automation indispensable for a lot of organizations, 60 percent of organizations in the United States are unaware of the numerous advantages of A/P automation. Leveraging software to implement the process in manner that is seamless and easy, the following are our top five reasons to automate.
Accounts Payable automation allows A/P to accurately project its pending cash specifications, accordingly getting rid of speculation. With increased transparency from A/P automation, awareness into the process allows your A/P department to concentrate on tasks and things which will impact your department with value added activities.
Reinforce central controls
A manual A/P process is subject to fraudulent activity. You add to the challenges of human error, overdue payments, lost invoices, and the dreaded rush invoices. An automated A/P process embeds controls that avoid and deter fraudulent activity.
The obsolete manual method is affected with lack of awareness, in which can result in neglecting to acknowledge a segment of liabilities. This could understate expenses thereby overstate revenue, which could contribute to accounting and reporting irregularities click here and ultimately fraudulent activity. A/P automation offers a whole audit trail of every step in the method, and permits management to promptly deal with potential issues.
Satisfy get more info Clients
Your vendors would like a more efficient payment method. More efficient payments result in savings and cost savings for you. Whenever you pay your clients with virtual card, which is an individual issued card for a one-time use, you will earn monthly cash back incentives. It’s equally good for Accounts Payable and Accounts Receivable. Your clients experience more efficient, streamlined payments and your A/P Department pivots to a income generator.
Avoid error, delay, and needless costs with an automated A/P process. A/P errors may be very costly and use up many resources to manually correct. With payment automation, you can see where, when and why errors transpired. Unlike the manual procedure, with automation you’ll have the ability to methodically address and eliminate problems to improve quality.
A/P payment automation can help you save cash, earn you additional income, decrease the risks of fraudulent activity, bring your operations increased transparency, satisfy the customers’ demands, and boost the total quality of your A/P processes.