Top Reasons Why You Should Automate Accounts Payable
Despite the fact that technology makes Accounts Payable payment automation simple for many businesses, 60 % of businesses in the USA are unaware of the many advantages of A/P automation. Leveraging software programs to utilize the method in manner that is seamless and trouble-free, here are our top 5 reasons why you should automate.
Cash Optimization
Accounts Payable automation allows A/P to correctly project its outstanding cash requirements, accordingly eliminating speculation. With increased transparency from A/P automation, visibility into the process allows your A/P department to concentrate on activities and things that can impact your department with value added actions.
Improve central controls
A manual A/P method is subject to fraud. You increase the risks of human error, overdue payments, lost invoices, and the dreaded rush invoices. An automated A/P process embeds controls that avoid and discourage fraudulent activity.
Improve Visibility
The outdated manual process suffers from website insufficient awareness, in which can result in neglecting to realize a portion of risks. This may understate operating expenses thereby overstate earnings, which could contribute to accounting and reporting abnormalities and ultimately fraudulent activity. A/P automation produces a whole audit trail of each step in the process, and permits management to rapidly handle potential difficulties.
Please Clients
Your suppliers would like a more effective payment website method. More efficient payments result in discount rates and savings for you. When you pay your clients by means of virtual credit card, which is a single issued card for a one-time use, you earn monthly cash back incentives. It’s mutually beneficial for Accounts Payable and Accounts Receivable. Your clients experience more efficient, streamlined payments and your A/P Department pivots to a cash generator.
Enhance Quality
Prevent error, delay, and unneeded costs with an automated A/P process. A/P problems are costly and use up many resources to manually remedy. With payment automation, you see where, when and why mistakes took place. Contrary to the manual procedure, with automation you’ll be able to systematically address and eliminate errors to enhance quality.
A/P payment automation can help you save cash, earn you extra earnings, decrease the risks of fraud, provide your operations better transparency, satisfy the customers’ demands, and enrich the overall quality of your A/P processes.