Top Reasons Why You Should Automate Accounts Payable
Despite the fact that modern technology has made Accounts Payable payment automation simple for many businesses, 60 % of businesses in the USA are unaware of the many benefits associated with A/P automation. Leveraging software programs to implement the process in manner that is seamless and convenient, here are our main 5 reasons to automate.
Accounts Payable automation lets A/P to correctly project its pending cash requirements, accordingly eliminating estimation. With more transparency from A/P automation, visibility into the process allows your A/P department to give attention to tasks and priorities that can effect your department with value add activities.
Strengthen internal controls
A manual A/P method is vulnerable to fraudulent activity. You add to the issues of human error, late payments, lost invoices, and the dreaded rush invoices. An automated A/P process embeds controls that avoid and discourage fraud.
The outdated manual process is affected with lack of awareness, wherein can result in failing to identify a portion of risks. This can understate operating expenses and therefore overstate revenue, which could contribute to accounting and reporting irregularities and ultimately fraud. A/P automation offers a complete audit trail of every part of the process, and permits management to quickly deal with possible complications.
Satisfy ap solutions Customers
Your vendors would like a more efficient payment method. Easier payments result in deals and cost savings for you. Whenever you pay your clients via virtual credit card, which is a single issued card for a one-time use, you will earn monthly cash rebates. It’s collectively beneficial for Accounts click here Payable and Accounts Receivable. Your clients experience more efficient, seamless 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 problems are costly and consume many resources to manually handle. With payment automation, you see where, when and why problems transpired. Contrary to the manual procedure, with automation you’ll be able to systematically address and eliminate mistakes to enhance quality.
A/P payment automation can help you save cash, earn you extra earnings, reduce the risks of fraud, bring your operations greater transparency, satisfy the customers’ needs, and enhance the total quality of your A/P processes.