Financial Security has become a top priority as today’s cybercriminals are upping their game to take advantage of new opportunities. Your Employees are no longer the only target of security attacks but also is their personal information and your financial data. If unfortunately you fall prey to these attacks, your business will face heavy financial losses, in addition to the loss of reputation and trust, or even breach of data security laws.
According to JP Morgan’s 2019 report on fraud, 81% of companies were targets of payments fraud last year. Moreover, fraudulent AP activities including invoice fraud, malware, check tampering, and Business Email Compromise (BEC), plague organizations regardless of their size or industry. Moving to AP Automation is becoming more crucial than ever for your organization to enhance its security efforts.
When it comes to financial security, the ivi AP Automation Solution secures your business by providing powerful cloud-based technologies to replace manual, paper-based processes that are susceptible to human errors and tampering, while creating efficiencies that improve accuracy, visibility, and control. Here are the ways ivi’s AP Automation Solution benefits your company:
- ivi’s AP Automation Solution Eliminates Paper Invoices
According to a survey from the Association of Financial Professionals, paper invoices are considered the largest vehicle for payment fraud since it provides an easy way to replicate vital vendor and account information. About 75% of businesses that were victims of accounts payable fraud were targeted via paper invoices. One of the benefits of utilizing ivi’s AP Automation Solution is eliminating paper invoices, as well as manual data correction and entry; while providing secure, encrypted, and automated processing and verification.
- ivi’s AP Automation Solution Guarantees Internal Controls
Most organizations depend on controls such as requiring department level approvals, matching invoices to purchase orders, and granting the CFO sole responsibility for approving payments to securely process invoices, pay bills, and protect against fraud. Another massive benefit of ivi’s AP Automation Solution is that it allows controllers in your organization to protect sensitive financial data by establishing automated business rules and settings to standardize data and create approval procedures for specific users which dramatically reduces invoice processing times and errors.
- ivi Data Authentication for Minimized Error-Management
For greater control over your AP operations, the ivi AP Automation Solution Data Authentication functionality ensures the accuracy of Supplier Invoices before data is propagated into your ERP or Finance System for processing. This means only Supplier Invoices with 100% correct data are processed, minimizing error-handling, ensuring fraud-detection, and saving you both time and money.
- Legal Compliance with Total Transparency
The legal and compliance landscape for the exchange of transactional documents between Buyers and Suppliers is changing at a rapid pace. The ivi AP Automation Solution Compliance Functionality ensures that your business fulfils all local regulatory requirements in the markets where you conduct business while providing you with total internal transparency. Our additional Value-Added Solutions including e-Archive and Digital Signature further enhancing the legal and compliance functions of your ERP or Finance System.
In general, the benefits of accounts payable automation for security extend throughout the entire bill pay and invoicing cycle. The ivi AP Automation Solution with comprehensive functions in the fight against fraud, eliminating error-prone manual processes, and replacing paper invoices with 100% electronic data, will help your organization stay safe, maximize your profitability , and transform your AP function from a cost-centre into a profit centre!