Top Reasons to Automate Accounts Payable
Even though modern technology has made Accounts Payable payment automation simple for a number of corporations, 60 percent of corporations in the United States are not aware of the many benefits of A/P automation. Leveraging software to utilize the method in manner that is seamless and convenient, here are our main five reasons to automate.
Accounts Payable automation lets A/P to correctly project its pending cash specifications, accordingly removing uncertainty. With better transparency from A/P automation, awareness into the process allows your A/P department to concentrate on activities and priorities that will impact your department with value add activities.
Reinforce central controls
A manual A/P method is susceptible to fraud. You multiply the risks of human error, late payments, missing invoices, and the dreaded rush invoices. An automated A/P process embeds controls that avoid and discourage fraudulent activity.
The obsolete manual method suffers from lack of visibility, by which can result in neglecting to identify a segment of risks. This can understate expenses and therefore overstate earnings, which could cause accounting and reporting malfunctions read more and ultimately fraudulent activity. A/P automation offers a whole audit trail of every part of the process, and enables management to promptly resolve potential troubles.
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Your suppliers would like a more efficient payment method. More efficient payments result in special offers and savings for you. If you pay your clients by means of virtual credit card, which is an individual issued credit card for a one-time use, you earn monthly cash rebates. It’s collectively beneficial for Accounts Payable and Accounts Receivable. Your customers benefit from more efficient, streamlined payments and your A/P Department pivots to a cash generator.
Avoid error, delay, and needless costs with an automated A/P process. A/P mistakes are expensive and consume many resources to manually resolve. With payment automation, you will see where, when and why problems happened. Unlike the manual method, with automation you’ll be in a position to methodically address and reduce errors to enhance quality.
A/P payment automation can help you save cash, earn you extra profit, decrease the risks of fraud, get your operations more transparency, satisfy the customers’ demands, and boost the total quality of your A/P processes.