A staggering total of $6.3 billion was lost by businesses back in 2016 through fraud alone. Although it is true that the type of schemes used by fraudsters may change from time to time, most scammers rely on the tried and tested methods. One of the most effect ways to steal money from a business is to target those that are constantly growing and still using an old-school method of invoicing such as written paper invoices.
These invoices are easily lost when the paperwork starts to pile up and crooks take the opportunity to steal money while the invoices are being sorted out. Many companies end up losing millions before they can even detect cases of fraud, but with innovations from companies like https://nexussystems.com/ and their AP workflow software, cases of fraud and theft will no longer be a costly problem.
Here are the different ways how an update on your current accounts payable systems will benefit your business and keep it fraud-free:
- Reducing The Number Of Fake Invoices
Scammers will try to send in fake invoices charging your business for goods and services you have never received. If these invoices look real and resemble the usual services you subscribe to, it can easily get swept into the pile of payable dues. With an excellent AP workflow system in place, the software can easily distinguish which invoices are fake and which ones are true. Your business will save thousands, if not millions in the long run!
- Catches Discrepancies Through 3-Way Matching
The three-way matching process is highly effective when it comes to catching invoice discrepancies, but it is not a job for an AP human personnel. There are too many invoices, paperwork, and other variables that can lead to a lot of miss-matching which will cost the company millions of dollars if it is not corrected right away.
An automated AP system, on the other hand, takes away all the manual work and all invoices are electronically and accurately processed. Invoices that do not match and purchase orders are flagged and a supervisor’s attention is called so that they can double check the papers. The fewer discrepancies there are in the invoicing process, the less money your company loses through fraud and scams.
- Limited Human Contact
The typical paper invoice goes through different hands through different channels and it isn’t impossible to lose track of the invoice. When the paper is lost or even sent to the wrong person this delays the processing time which can result in delayed payments and other complicated problems.
Another reason why access to paper invoice should be limited is how scammers can use the information on the invoice. They can replicate the logo and use the details to send in fake invoices which they will receive payment for. With the use of https://nexussystems.com/ automated payment system, all invoices are electronic and will only be seen by the right people.
There are a lot more benefits that come with an AP system, not just those mentioned above. So, protect your business from scammers, look into upgrading your AP workflow systems today!
Worried about fraud because of a faulty AP workflow? Nexus Sytems provides a complete solution to wipe your worries out. From procurement to payments, we got you covered. Visit https://nexussystems.com/