Top Reasons to Automate Accounts Payable
Even though modern technology has made Accounts Payable payment automation indispensable for numerous businesses, 60 percent of businesses in the United States are not aware of the many benefits of A/P automation. Leveraging software applications to implement the method in manner that is seamless and effortless, here are our main five reasons to automate.
Cash Optimization
Accounts Payable automation lets A/P to accurately project its pending cash requirements, accordingly eliminating speculation. With increased transparency from A/P automation, visibility into the system allows your A/P department to focus on tasks and things which will impact your department with value added activities.
Enhance internal controls
A manual A/P method is susceptible to fraud. You increase the issues of human oversight, overdue payments, missing invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that avoid and deter fraudulent activity.
Increase Exposure
The outdated manual method is affected with insufficient visibility, wherein can result in neglecting to realize a part of liabilities. This can understate expenditures thereby overstate earnings, that may result in accounting and reporting malfunctions and ultimately fraudulent activity. A/P automation delivers a complete audit trail of each and every part of the method, and permits management to swiftly correct possible issues.
Please Customers
Your suppliers want a more beneficial payment process. Easier payments result in savings and cost savings for you. If you pay your clients by way of virtual card, which is an individual issued card for a one-time use, you will earn monthly cash back incentives. It’s equally 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
Prevent error, delay, and unneeded costs with an automated A/P process. A/P problems may be very costly and use up many resources to manually resolve. With payment automation, you see where, when and why issues transpired. In contrast to the manual process, with automation you’ll be able to methodically address and eliminate issues to increase quality.
A/P payment website automation can help you save cash, earn you extra revenue, lessen the risks of fraud, provide your operations better transparency, fulfill your customers’ demands, and improve the overall quality of your A/P processes.