Risk Of Neglecting Automated Payment Service
AUTOMATED PAYMENT SERVICE
it is no-brainer that automated payment services are essential to any business and are integral to streamlining transactional processing and accounts payable management. Yet many organizations fail to take the steps needed to realize the cost savings, data accuracy, and process control that automated payments promise. What’s the risk in ignoring automated payment services?
The upside of using an automated payment system is clear: improved payment efficiencies, protection against human errors, and accelerated financial reconciliation. Without an automated system, organizations are more susceptible to fraudulent activity and lack of internal control. This can lead to erroneous payments, duplicate payments, manual entries and reconciliations, heightened budgeting and reporting inefficiencies, and substantial time and money losses.
For the finance executive, automated payment services, such as accounts payable automation software, provides unrivaled visibility into financial conditions and within their accounts payable process. This includes optimizing payments, enhancing purchase to pay cycles, tracking payments in real-time, and tracing payments for audit purposes. This level of insight helps speed up reconcilation, augment purchase-to-pay cycles, and ensure seamless integration into existing businessesystems and processes.
For many organizations, the greatest challenge to introducing an automated payment system is the fear of disruption or costly restructuring of existing financial processes and systems. To combat this, look for cost effective add-on solutions that can be easily deployed and seamlessly work with whichever ERP system you use. Solutions should also be customizable and scalable, so they can organically develop with growth to help sustain smooth transition.
Automated systems create the opportunity to help safeguard against data-entry errors, hidden costs and other forms of financial fraud. With the right automated payment system in place, companies can take advantage of discounts and offers associated with early payments, automated tracking and reporting capabilities becoming the norm as opposed to task that requires manual work.
In conclusion, failing to harness the power of automated payment systems is costly mistake, both financially and operationally. For finance executives eager to gain visibility and control over their accounts payable process, automated payment service systems provide the efficiency and accuracy to enhance financial reconciliation and ensure the organization operates leanly and efficiently.
