Top Reasons to Automate Accounts Payable
Although modern technology has made Accounts Payable payment automation indispensable for a number of organizations, 60 percent of businesses in the United States are not aware of the countless advantages of A/P automation. Leveraging software applications to utilize the method in manner that is seamless and convenient, the following are our major 5 reasons to automate.
Accounts Payable automation allows A/P to accurately project its pending cash requirements, therefore removing uncertainty. With more transparency from A/P automation, awareness into the system allows your A/P department to concentrate on activities and priorities which will impact your department with value added actions.
Reinforce central controls
A manual A/P method is at risk of fraudulent activity. You increase the threats of human oversight, late payments, missing invoices, and the dreaded rush invoices. An automated A/P process embeds controls that avoid and discourage fraudulent activity.
Capitalize on Awareness
The outdated manual process suffers from lack of visibility, wherein can result in neglecting to realize a part of risks. This may understate expenses thereby overstate earnings, that may result in accounting and reporting irregularities and ultimately fraudulent activity. A/P automation provides a complete audit trail of every part of the method, and allows management to rapidly handle potential troubles.
Your suppliers prefer a more effective payment process. More efficient payments result in special offers and cost savings for you. Whenever you pay your clients by means of virtual card, which is a single issued credit card for a one-time use, you generate ap solutions monthly cash rebates. It’s mutually good for Accounts Payable and Accounts Receivable. Your clients experience more efficient, streamlined payments and your A/P Department pivots to a revenue generator.
Avoid error, delay, and needless costs with an automated A/P process. A/P mistakes are costly and take many resources to manually solve. With payment automation, you see where, when and why problems occurred. In contrast to the manual process, with automation you’ll be in a position to systematically address and reduce problems to enhance quality.
A/P payment automation can save you cash, earn you additional income, reduce the risks of fraudulent activity, bring your operations more transparency, satisfy your customers’ demands, and improve the overall quality of your A/P processes.