If you’re looking to improve security and control, AP automation can help by removing paper-based manual processes riddled with risks.
It’s totally understandable that you’ll want to maintain control and security when you automate your AP process. And you’ll be able to that in a number of different ways.
You’ll be able to control who within your company approves invoices. For instance, if your CEO has to approve any invoices above $1,000, AP automation software makes sure the invoices get sent to that executive. Whatever rules you may have for approving invoices, AP automation can follow them.
“Exceptions” come up from time-to-time when processing payments and invoices. These are unusual payment or invoice situations, such as numerical discrepancies, that need special attention and cannot be handled routinely.
AP software helps identify these exceptions, thereby saving you time and money. You’ll gain more control of the number of exceptions you have to handle and the speed you can process them using automated processes.
With AP automation, you’ll have increased visibility into the status of payments and invoices. You’ll also be able to trace each of the steps. For example, if you want to check the amount of a payment and when it was sent, you can do that from anywhere with an Internet connection.
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You’ll be able to use specific types of internal controls that increase the security of your AP data and transactions.
Internal controls range from reconciliation, authority documentation and security. They exist to meet financial reporting deadlines and improve data accuracy. Using these controls, auditors can be called upon to fix poor record-keeping or other aspects of your company’s financials that add risk to your business.
AP automation also reduces risk of fraudsters can stealing your corporate information by removing paper from the process.
This is critical with the continued rise in fraud. Since the COVID-19 pandemic started, IBM Security has observed a more than 6,000 percent increase in cybercrime spam. Nearly 40 percent of its research participants believed they had been targeted with COVID-19 spam emails.
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