Improve Payments With AP AutomationTop Reasons Why You Should Automate Accounts Payable
Even though technology makes Accounts Payable payment automation simple for a number of corporations, 60 % of corporations in the United States are unaware of the numerous advantages of A/P automation. Leveraging software applications to implement the process in manner that is seamless and effortless, here are our best 5 reasons why you should automate.
Accounts Payable automation lets A/P to accurately project its outstanding cash requirements, accordingly eliminating estimation. With better transparency from A/P automation, visibility into the process allows your A/P department to give attention to activities and priorities that can effect your department with value add actions.
Improve internal controls
A manual A/P method is susceptible to fraudulent activity. You multiply the risks of human error, overdue payments, missing invoices, and the dreaded rush invoices. An automated A/P process embeds controls that prevent and discourage fraudulent activity.
The obsolete manual method suffers from insufficient visibility, wherein can result in failing to identify a part of risks. This can understate expenditures as well as overstate revenue, which can cause accounting and reporting abnormalities and ultimately fraud. A/P automation offers a complete audit trail of every step in the process, and makes it possible for management to swiftly solve potential issues.
Your vendors check here want a more effective payment process. Easier payments result in discount rates and cost savings for you. If 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 collectively good for Accounts Payable and Accounts Receivable. Your customers experience more efficient, seamless payments and your A/P Department pivots to a profit generator.
Prevent error, delay, and pointless costs with an automated A/P process. A/P problems can be very expensive and use up many resources to manually remedy. With payment automation, you see where, when and why issues took place. In contrast to the manual procedure, with automation you’ll be able to methodically address and reduce issues to increase quality.
A/P payment automation can help you save cash, earn you extra income, lessen the risks of fraud, provide your operations greater transparency, satisfy the customers’ needs, and boost the total quality of your A/P processes.