Top Reasons Why You Should Automate Accounts Payable
Although technology has made Accounts Payable payment automation a standard for many businesses, 60 % of organizations in the United States are unaware of the many benefits associated with A/P automation. Leveraging software applications to utilize the method in manner that is seamless and effortless, the following are our best 5 reasons why you should automate.
Accounts Payable automation enables A/P to correctly project its pending cash requirements, accordingly removing estimation. With more transparency from A/P automation, awareness into the system allows your A/P department to concentrate on activities and priorities that will impact your department with value add activities.
Improve internal controls
A manual A/P process is at risk of fraudulent activity. You add to the risks of human oversight, overdue payments, lost invoices, and the dreaded rush invoices. An automated A/P process embeds controls that put a stop to and discourage fraud.
Capitalize on Awareness
The outdated manual process is affected with insufficient visibility, wherein can result in failing to acknowledge a segment accounts payable automation of liabilities. This can understate operating expenses thereby overstate income, which can contribute to accounting and reporting abnormalities and ultimately fraud. A/P automation delivers an entire audit trail of each step in the process, and enables management to quickly correct potential issues.
Your suppliers would like a more effective payment process. More efficient payments result in discount rates 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, ap solutions you generate monthly cash back incentives. It’s mutually beneficial for Accounts Payable and Accounts Receivable. Your clients experience more efficient, seamless payments and your A/P Department pivots to a revenue generator.
Prevent error, delay, and unnecessary costs with an automated A/P process. click here A/P errors may be very costly and take many resources to manually correct. With payment automation, you see where, when and why mistakes took place. In contrast to the manual procedure, with automation you’ll be able to methodically address and reduce errors to improve quality.
A/P payment automation can save you cash, earn you extra income, reduce the risks of fraud, bring your operations greater transparency, meet the customers’ needs, and enhance the total quality of your A/P processes.