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.
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.