Vision360 AP Automation Makes a BIG Difference in the Fight Against Fraud, While Improving Operational Efficiencies
We've all heard about or maybe even been the victim of phishing schemes, and phony invoices, click here for your order, and ransomware attacks by fraudsters. These attacks are never going to stop, and it seems the accounts payable department is the one under fire. Why? They pay the bills!
With lots of incoming invoices and emails to sort through the accounts payable department is the area of least safeguards and technology, which heavily relies on people and manual processes.
There are ways to reduce the risk of potential fraud, while increasing efficiencies and reducing costs, our article is food for thought.
In a recent fraud study, more than 68% of organizations said they were the target of fraud and phishing attacks. The majority of attacks by fraudsters were conducted by email. An ever increasing number of attacks are targeting the finance departments of organizations and primarily focusing on the accounts payable department.
Since the accounts payable department is responsible for issuing payments to suppliers, it would appear that this are is an easy target for fraudsters and scammers.
It's estimated that the cost of these crimes is upwards of $42 billion dollars per year!
Vision360 AP Automation uses artificial intelligence (AI), machine learning (ML) and robotic process automation (RPA) and applies this intelligence to every single incoming email and invoice. Vision360's advanced invoice detection monitoring will eliminate duplicate invoices as well as stopping invoices devised to appear as phony vendors.
The benefits of Vision360's invoice automation doesn't stop there. Accounts Payable Departments can leverage electronic invoice routing and workflow for approvals, while automated PO matching will systematically perform the three-way match. The final step in improving efficiencies while reducing labor and costs is by connecting Vision360 with the financial ERP system. By connecting the AP process with the ERP system, AP Staff are freed from the tedious, error-prone and time consuming task of manual data entry.
Accounts Payable Management Dashboards
The entire AP Department can manage the accounts payable process from anywhere and at any time. Since Vision360 Enterprise an online AP Automation solution, your AP Staff will have complete visibility and control to every single supplier invoice, every second of the day. Now, your payables process can be monitored and managed 24 x 7, from anywhere in the world.
Automated Invoice Processing & Workflow Approvals
Our Vision360 Enterprise Accounts Payable Invoice Automation system lets organizations eliminate printing emails, scanning paper invoices for approvals. Supplier invoices are captured electronically and automatically routed to the proper approver for review, coding assignment and approvals. The entire process is managed using the AP Management Dashboards.
Automated Purchase Order Invoice Matching
Since our Vision360 Enterprise AP Automation software solution is integrated with your ERP system it will systematically match your purchase order based invoices against your Purchase Orders. When a 3-way match is required, i.e. for inventory invoice items, then Vision360 will also match against your goods receipt. If all three conditions match correctly then matched invoices can flow through to your ERP system automatically, while PO exception invoices are flagged and sent to the buyers for review.
Integrated Accounts Payable Automation to Eliminate Data Entry
Eliminating manual data entry requires integration with your ERP / financial system. The Vision360 Enterprise Accounts Payable Invoice Automation system will transfer all processed, matched and approved invoices which are authorized for payment, over to your ERP system. This will eliminate the need for any of your AP Specialists to manually key any of the invoice data. Vision360 Enterprise integrates with all main stream ERP systems including SAP, Oracle, NetSuite, Dynamics GP, NAV, 365, Sage, Epicor, QAD, Lawson, PeopleSoft, Infor and many, many more.
Vision360 Enterprise Accounts Payable Automation Solution by BlueCreek Software reduces time wasted chasing down paper invoices by automating invoice approvals, eliminating manual data entry, eliminating paper invoices and reducing processing costs.