Top Reasons Why You Should Automate Accounts Payable
Even though modern technology makes Accounts Payable payment automation indispensable for a number of corporations, 60 percent of organizations in the United States are unaware of the many benefits associated with A/P automation. Leveraging software applications to apply the process in manner that is seamless and convenient, listed here are our top 5 reasons to automate.
Cash Optimization
Accounts Payable automation lets A/P to accurately project its pending cash requirements, consequently eliminating uncertainty. With greater transparency from A/P automation, awareness into the system allows your A/P department to deal with activities and priorities that can effect your department with value add activities.
Enhance central controls
A manual A/P process is subject to fraudulent activity. You multiply the issues of human error, overdue payments, missing invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that put a stop to and deter fraud.
Enhance Exposure
The obsolete manual method suffers from lack of awareness, by which can result in failing to identify a part of risks. This can understate operating expenses and therefore overstate earnings, that may cause accounting and reporting malfunctions and ultimately fraudulent activity. A/P automation produces a total audit trail of each part of the method, and allows management to rapidly correct possible difficulties.
Please Customers
Your suppliers prefer a more efficient payment process. Easier payments result in savings and cost savings for you. Whenever you pay your ap solutions customers via virtual credit card, which is an individual issued card for a one-time use, you generate monthly cash rebates. It’s jointly good for Accounts Payable and Accounts Receivable. Your customers experience more efficient, streamlined payments and your A/P Department pivots to a income generator.
Enhance Quality
Prevent error, delay, and unneeded costs with an automated A/P process. A/P mistakes are expensive and take many resources to manually solve. With payment automation, you see where, when and why faults happened. Unlike the manual method, with automation you’ll be able to systematically address and reduce mistakes to increase quality.
A/P payment automation can save you cash, earn you extra cash, decrease ap solutions the risks website of fraudulent activity, bring your operations increased transparency, meet your customers’ demands, and advance the overall quality of your A/P processes.