In a paper-based workplace, your company’s documents are constantly at risk. Physical copies of sensitive information can be easily misplaced, altered, or destroyed. If these files are lost or tampered with, you no longer have access to the data necessary to effectively operate your business.
According to Let’s Talk payments, increased security is one of the many benefits of turning to e-payments for businesses as cash is more liable to theft, loss, and fraud. In fact, “73% of organizations were reported to have experienced actual or attempted fraud, with non-electronic processes being the number one source of fraud.”
AP and payment automation ensures that your company’s invoice and payment information is secure in a cloud-based environment that can be accessed anywhere at any time. Automated fraud detection never sleeps to ensure that every invoice processed is legitimate before it’s in your accounting system. AvidXchange’s sophisticated fraud detection software is one of your company’s best lines of defense against fraudulent and duplicate requests for payment.
In addition to fraud prevention, companies can more accurately assess the health of their business operations (cash flows, profit and loss) with e-payments. They also have the ability to generate revenue from new channels and digital financial services; value-added services that come bundled with payments, or for making or receiving payments (loyalty, credit, marketing support).
Tech Savvy Buyer’s Guide to AP Automation for Finance Professionals
Are you still pushing paper invoices around your office and waiting for approvals? What about cutting paper checks? If so, I bet you’re tired of spending your day on tedious manual tasks when you could be doing other things that are more valuable for your business.
It can be so frustrating when invoices get lost, or you miss payments to your vendors and have to pay penalty fees. That’s where AP Automation comes in! Download our new 15-page eBook and educate yourself on the most efficient ways to operate your AP department. Just click or tap the button below to download your free copy today!