Top Reasons Why You Should Automate Accounts Payable
While technology makes Accounts Payable payment automation indispensable for many corporations, 60 percent of companies in the US are unaware of the countless benefits of A/P automation. Leveraging software to apply the method in manner that is seamless and effortless, here are our main five reasons to automate.
Accounts Payable automation lets A/P to correctly project its outstanding cash requirements, accordingly removing uncertainty. With better transparency from A/P automation, visibility into the system allows your A/P department to concentrate on activities and priorities that will impact your department with value add actions.
Improve internal controls
A manual A/P method is subject to fraud. You increase the pitfalls of human error, overdue payments, missing invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that stop and deter fraudulent activity.
Capitalize on Exposure
The outdated manual method is affected with insufficient awareness, through which can result in failing to identify a part of liabilities. This could understate expenditures as well as overstate income, which could result in accounting and reporting malfunctions and ultimately fraudulent activity. A/P automation delivers a total audit trail of each part of the method, and enables management to swiftly resolve potential troubles.
Your vendors prefer a more efficient payment method. More efficient payments result in discounts and savings for you. When you pay your customers by means of virtual card, which is a single issued card for a one-time use, you generate monthly cash rebates. It’s equally good for Accounts Payable and Accounts Receivable. Your customers benefit from more efficient, streamlined payments and your A/P Department pivots to a revenue generator.
Avoid error, delay, and unneeded costs with an automated A/P process. A/P errors are expensive and consume many resources to manually resolve. With payment automation, you will see where, when and why errors took place. Unlike the manual procedure, with automation you’ll have the ability to systematically address and eliminate issues to more info boost quality.
A/P payment automation will save you cash, earn you additional earnings, decrease the risks of fraud, provide your operations more transparency, fulfill your customers’ demands, and boost the overall quality of your A/P processes.