How to Reduce the Risk of Accounts Payable Fraud
Accounts Payable fraud is a real threat faced by many businesses today, big and small. Often hard to detect and almost always damaging to a business’s chances of success, fraud is an issue that, if left undealt with, can hurt your bottom line and, at worst, cripple your business.
Fortunately, there are effective ways to protect yourself against Accounts Payable fraud. Through AP automation, the risk of fraud can be drastically decreased, all but eliminating the risk you will ever having to deal with the nightmare of Accounts Payable fraud.
How AP Automation Can Reduce Accounts Payable Fraud
Disorganization makes fraud unnoticeable and easy to get away with. Having a paper-based Accounts Payable system that is a headache to sort through and manage makes you all the more susceptible to fraud, seeing as the discrepancies that go along with fraudulent payments almost disappear amidst the sea of paperwork.
An Automated Accounts Payable, however, is far more organized and streamlined. The entire system is easy to manage, and information can be quickly accessed. This effectively makes your Accounts Payable system far more transparent, and makes the discrepancies of fraud stick out far more noticeably.
Powerful Software Security
Along with being more transparent, an automated Accounts Payable is also far more secure. An Accounts Payable system that is automated through SnapAP is built using state-of-the-art cyber security, with strong internal controls and complete audit trails, making for a system that is magnitudes more difficult to breach than a filing cabinet full of paperwork.
Along with this, the SnapAP Accounts Payable systems only allows access to authorized users, and even then only permitting certain users to perform certain tasks, ensuring that your Accounts Payable is only ever accessed by those you trust. This level of security that a software-based system provides is one of the main advantages of an automated Accounts Payable.
The Secret to Reducing Accounts Payable Fraud
While there are a number of measures you can take to reduce the risks of Accounts Payable fraud, AP automation is one of the simplest and most effective of these measures in existence today. Not only will it increase your security, it will make your Accounts Payables much more organized and easy to manage and decrease your defects as well.
If you are interested in all the advantages that automating your Accounts Payable system through SnapAP can bring, feel free to request a SnapAP demo. We’d love the opportunity to show you around this revolutionary new system.