The Risks Of Not Utilizing Accounts Payable Automation Software
AUDIT PROGRAM ACCOUNTS PAYABLE
Transitioning to an automated accounts payable process can often seem like daunting process and may evoke hesitation in finance executives. However, succumbing to the status quo of manual accounts payable processing carries significant risks, when weighed against the time-saving benefits of automation software.
Adhesiveness to outdated processes can have costly effect on an organizations bottom line. Manually auditing accounts payable is extremely labor-intensive and time-consuming. Errors may creep in due to the potential for human oversight, resulting in incorrect payments, duplicated payments and other discrepancies. Since the accounts payable process involves sensitive financial data, manual processing can also create risk by exposing confidential information, either intentionally or inadvertently. Moreover, manual processing greatly increases the potential for fraud and the possibility of fraud-related financial losses.
Automation of the accounts payable process, however, can mitigate these risks. Accounts payable automation software enables organizations to move away from paper-based process by eliminating manual data entry. That adds security, ensuring that confidential data is only accessible by authorized personnel. What?s more, accounts payable automation creates full audit trail, so every action and transaction is tracked and demonstrated. Automation also makes it easy to ensure transaction occurrences are compliant with government regulations. Other advantages of automation include enhanced visibility into organizational spending, reduction in errors and cost savings due to accurate and consistent payments.
The benefits of an automated accounts payable process significantly outweigh any hesitation that an executive may face. Organizations can look to established third-party software vendors to provide the services required to make the switch with ease. Because of the potential for cost reduction and security, automation will provide definite return on investment for companies who take advantage of the efficiency and accuracy that accounts payable automation provides.
