The Cost Of Not Automating Accounts Payable
BILLING AUTOMATION SOLUTION
The cost of manual accounts payable operations crippled by inherent inefficiencies can be huge financial burden on any business, particularly in the modern economy where growth margins are slim. Indeed, finance executives that fail to recognize the need for software-driven accounts payable automation will miss out on potential savings and increased control over their operations. Furthermore, the risk of non-compliance, often consequence of physical paperwork management, can significantly damage businesses? reputation and financial integrity. With that in mind, let us consider the risks associated with not automating accounts payable operations.
Without access to accounts payable automation software, business? invoicing and payments process will inevitably be more costly and inefficient. Human error and manual entry are expensive, and the resulting inaccuracies can slow down processing and bring about wide range of problems including longer payment cycle times, delayed supplier payments, and greater difficulty to manage time-sensitive invoices. Ultimately, these inefficiencies will reduce the amount of available capital to allocate across business? operations and necessitate time-consuming customer service processes to address any disputes.
The growing pressures for companies to adhere to know-your-customer (KYC) and anti-money laundering (AML) regulations further complicate accounts payable, unless the business implements an automated solution. Automation can provide precise visibility of payments and invoices across the entire business, allowing C-level executives to speed up customer payment confirmations and keep tabs on payments activity in real-time. This facilitates compliance, while automated document management, pattern detection algorithms and built-in payments checks safeguard an organizations sensitive financial data, drastically reducing the risk of any audit violations or fines.
Without automated accounts payable operations, businesses can quickly find themselves hampered by an inability to optimize their finances or accurately track payments activity. The result of this will be an inability to drive growth, leading to lost profits and weakened competitive position in the marketplace. The financial risks of not automating accounts payable operations cease to increase, and it has never been more critical for finance executives to recognize the urgent need for automation software. Installing an effective accounts payable automation solution is sound investment that delivers increased control, compliance and cost-saving benefits.
