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!

The fight against fraud is a never-ending battle and will most likely continue for the foreseeable future. While larger companies may have a better chance of fighting this ongoing battle, many small to mid-sized companies may be at a disadvantage due to resource limitations and technology restrictions. Most companies are not prepared and may be relying on staff to ensure that emails and payment requests are legit. Although this sounds like a good idea, it is not fool proof and is prone to allow errors and someone could accidentally mistake a phony email as being legit.

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.

By applying Vision360's automated intelligence, coupled with the necessary checks and balances, companies of all sizes can rest assured that their exposure to potential fraud will be greatly reduced.

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. 

To learn more about Vision360 AP Automation and the numerous benefits it can offer your organization, consider attending an information webinar or contact us directly and we can talk about your accounts payable process needs.