I recently sat down with a group of business owners to delve into a pressing concern that permeates the world of accounts payable (AP) automation: Fraudulent Payments. In our open discussion, a common refrain echoed through the room – the urgency of establishing a robust safeguard against an array of challenges that beset the landscape of accounts payable operations.
Julie, owner of a retail outlet, stated “Internal fraud is the most common issue we face. Without comprehensive internal controls, our systems are vulnerable to unauthorized payments that eventually compromises operational integrity.” While Billie, owner of an auto care shop, stressed the impact of “Duplicate and late payments on cash flow, motivating us to implement vigilant internal controls for scrutinizing each payment.”
During the discussion, a few other SMB owners believed that 70% of the fraudsters committing business payment fraud are ahead of the game.
This candid exchange illuminated the vital role of internal controls within the accounts payable process. If you are looking to improve security and control, AP automation solutions can help pave the way to a more efficient and secure way to process invoices and payment.
From here, our journey delves into the core of accounts payable internal controls, exploring their significance in fortifying your AP process against fraudulent payments. We will unveil actionable strategies empowering you to establish secure transactions effectively.
Read More at https://pathquest.com/knowledge-center/blogs/internal-controls-in-accounts-payable/
