Top Reasons to Automate Accounts Payable
Although modern technology makes Accounts Payable payment automation simple for numerous corporations, 60 % of corporations in the US do not know of the numerous benefits of A/P automation. Leveraging software applications to implement the process in manner that is seamless and easy, listed here are our best five reasons to automate.
Cash Optimization
Accounts Payable automation enables A/P to accurately project its outstanding cash requirements, therefore removing guesswork. With more transparency from A/P automation, visibility into the system allows your A/P department to deal with tasks and priorities that can impact your department with value added activities.
Reinforce central controls
A manual A/P method is susceptible to fraud. You add to the issues 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 fraudulent activity.
Capitalize on Exposure
The obsolete manual practice is affected with insufficient awareness, in which can result in neglecting to identify a segment of liabilities. This can understate expenditures thereby overstate earnings, which could trigger accounting and reporting irregularities and ultimately fraud. A/P automation delivers an entire audit trail of each and every part of the process, and enables management to quickly solve possible complications.
Satisfy Clients
Your suppliers want a more efficient payment process. Easier payments result in deals and cost savings for you. Whenever you pay your clients by means of virtual credit card, which is an individual issued card for a one-time use, you will 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 revenue generator.
Improve Quality
Avoid error, delay, and unnecessary costs with an automated A/P process. A/P errors are costly and consume many resources to manually resolve. With payment automation, you will see where, when and why problems occurred. Unlike the manual more info process, with automation you’ll have the ability to systematically address and get rid of problems to increase quality.
A/P payment automation can help you save cash, earn you extra website earnings, decrease the risks of fraud, bring your operations better transparency, satisfy your customers’ demands, and improve the total quality of your A/P processes.