Top Reasons Why You Should Automate Accounts Payable
Although tech has made Accounts Payable payment automation a standard for a lot of organizations, 60 % of organizations in the USA do not know of the numerous advantages of A/P automation. Leveraging software to utilize the method in manner that is seamless and easy, here are our main 5 reasons to automate.
Accounts Payable automation enables A/P to accurately project its outstanding cash specifications, consequently getting rid of uncertainty. With more transparency from A/P automation, visibility into the process allows your A/P department to focus on activities and priorities that can effect your department with value add activities.
Reinforce central controls
A manual A/P method is at risk of fraudulent activity. You add to the pitfalls of human error, late payments, missing invoices, and the dreaded rush invoices. An automated A/P process embeds controls that avoid and deter fraud.
Capitalize on Exposure
The obsolete manual practice is affected with lack of visibility, wherein can result in neglecting to realize a segment of risks. This could understate expenditures thereby overstate earnings, which could trigger accounting and reporting abnormalities and ultimately fraudulent activity. A/P automation offers a whole audit trail of each step in the process, and enables management to quickly fix potential difficulties.
Your vendors prefer a more efficient payment process. More efficient payments result in special offers and cost savings for you. Whenever you pay your clients by way of virtual card, which is an individual issued credit card for a one-time use, you generate monthly cash back incentives. It’s equally beneficial for Accounts Payable and Accounts Receivable. Your clients benefit from more efficient, seamless payments and your A/P Department pivots to a cash generator.
Prevent error, delay, and needless costs with an automated A/P process. A/P problems can be very expensive and consume many resources to manually fix. With payment automation, you can see where, when and why issues occurred. In contrast to the manual procedure, with automation you’ll have the ability to methodically address and eliminate issues to enhance quality.
A/P payment automation will save you cash, earn you extra profit, reduce the risks of fraud, get your operations greater transparency, meet the customers’ needs, and enrich the overall quality of check hereap automation your A/P processes.