Preventing accounts payable fraud is no easy task in the best of circumstances however using AP automation helps to spot and stop new breaches by checking information right from the start. Making sure that data such as pay amounts, expenses, and even the address are correct helps ensure your documents are safe and secure to process.
Advanced technologies are essential to your companies fight against fraud so now is the time to start the internal conversations to get your leadership and team onboard with digitalizing your invoice and payment processes with an Accounts Payable automation solution.
While fraud has always been a threat, the increasingly global nature of business has caused a similar rise in attacks. And, unfortunately, criminals are getting better and better. Discovering and eliminating this threat as soon as possible can save companies an immense amount of time, money, and headache.
This is why accounts payable fraud detection plays such a key role. Accounts Payable automation helps detect the three main types of easily missed fraud in the invoice and payment process: duplicate invoices, phantom vendors, and missing checks.
Yooz leverages a number of advanced automation technologies to automatically validate and detect fraudulent invoice and documents as soon as they enter the invoice process. Read how these techniques can be your biggest ally throughout the entire payment process.
U.S. businesses will lose an average of 5% of their gross revenues to fraud.
In this white paper “Game of Fraud: Return of the CFO” you can learn:
Accounts Payable (AP) errors and fraud are a widespread problem that can take many forms, some right at the start of the payments process and others occurring anytime until the very end. Implementing an AP automation system can help prevent these errors and fraud, but automation doesn’t determine everything – for lack of a better word – automatically. Clearly drawn rules and permissions are important for establishing and maintaining a strong AP internal controls process.
In response to high-profile corporate failures, the UK government carried out investigations that ultimately led to the creation of reform proposal, commonly referred to as UK SOX for Accounts Payable. This legislation is targeted as enhancing the credibility of financial reporting, strengthening corporate governance, and mitigating Accounts Payable fraud through the introduction of more stringent requirements for directors, public disclosures, fraud resilience, and audit policies.
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