Top Reasons to Automate Accounts Payable
Even though technology has made Accounts Payable payment automation simple for a lot of organizations, 60 % of organizations in the USA are unaware of the countless benefits associated with A/P automation. Leveraging software programs to apply the method in manner that is seamless and convenient, listed here are our top five reasons to automate.
Cash Optimization
Accounts Payable automation enables A/P to accurately project its outstanding cash requirements, therefore eliminating speculation. With greater transparency from A/P automation, awareness into the system allows your A/P department to give attention to tasks and priorities that can impact your department with value add actions.
Strengthen central controls
A manual A/P method is subject to fraud. You raise the challenges of human error, overdue payments, missing invoices, and the dreaded rush invoices. An automated A/P process embeds controls that avoid and deter fraud.
Enhance Exposure
The obsolete manual practice is affected with insufficient awareness, by which can result in failing to acknowledge a portion of risks. This may understate operating expenses as well as overstate revenue, that may contribute to accounting and reporting accounts payable automation abnormalities and ultimately fraudulent activity. A/P automation offers a whole audit trail of each ap solutions step in the method, and lets management to quickly fix possible troubles.
Please Clients
Your suppliers prefer a more efficient payment method. Easier payments result in savings and cost savings for you. Whenever you pay your customers via virtual credit card, which is an individual issued card for a one-time use, you generate monthly cash rebates. It’s jointly good for Accounts Payable and Accounts Receivable. Your customers experience more efficient, seamless payments and your A/P Department pivots to a income generator.
Enhance Quality
Prevent error, delay, and unneeded costs with an automated A/P process. A/P errors are costly and take many resources to manually clear up. With payment automation, you will see where, when and why problems occurred. Contrary to the manual process, with automation you’ll be able to systematically address and eliminate 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 more transparency, meet your customers’ needs, and enrich the total quality of your A/P processes.