Preventing accounts payable fraud is no easy task but by using an AP automation software like Yooz, it gets easier. Learn how to spot and stop breaches within your organizations accounts payable department and how Yooz can keep your documents secure on our cloud-based platform.
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.
Companies worldwide have lost more than $7 billion due to fraud. That's why Accounts Payable Fraud detection is becoming a must for the procurement-to-payment process. Learn more about the types of fraud you need to look out for and the best advanced Accounts Payable Automation solution to detect them.
When utilizing smart technologies of an Accounts Payable automation solution fraud detection will reveal fraudsters and schemes in a variety of ways and they are not all monetarily driven:
There are three types of fraud in the invoice and payment process that are easy to miss:
Yooz leverages a number of advanced technologies to automatically validate and detect fraudulent invoices and documents in the purchase-to-payment process. Yooz will automatically notice and redirect any possible fraudulent invoices for further review before it’s too late.
Here is how the Yooz system works to detect fraud:
Integrating Yooz Accounts Payable automation software will be your biggest ally in the fight against fraud in your invoice and payment processes.
When an invoice arrives, Yooz captures it regardless of its original format, extracts the relevant data points and securely stores it as an electronic record in the cloud. If the invoice came in on paper, the original can be shredded.
The Yooz platform offers two-way and three-way matching for invoices. First, a document is matched to the PO or other documents on file. Once an invoice is matched, a balance check, a tax amount check (if any), and an expense account check are performed.
Only users with login credentials in an organization or company can access documents stored in the cloud. Authorized users are able to see the record history, including who has accessed it, who has approved it, and where it is in the workflow.
Permission access can be controlled according to the dollar amount and / or sensitivity of the record, so only approved employees will be able to virtually “touch” the document.
Once the record is in the automated system, it becomes part of an efficient and powerful digital invoice workflow. From capture and data extraction through proper routing for approval to finally payment, the goal is to enable straight-through elecrtonic processing that requires little to no human intervention.
In the final step, the transaction and matching document information is exported to and reconciled with the company's financial or ERP system.
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:
Are you ready to learn more about accounts payable fraud and security or have any question about AP automation? We'd love to hear from you!
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