Accounts payable (AP) is one of the most tedious and labor-intensive accounting processes. Around 71% of companies claim that manual data entry and inefficient processes are their biggest concerns regarding account payable invoice processing. Moreover, legacy systems and manual operating models might be less capable of fighting fraud risks.
Since the finances flowing out from your business goes through a process involving multiple employees, it becomes vulnerable to fraud, internally or externally. AP fraud can be attempted by an employee or multiple employees, external alliance, vendors, etc.
82% of financial professionals in North America reported that their companies faced attempted or successful payments fraud. AP fraud is one of the most common types of fraud, putting organizations at risk. However, you can address such risks by implementing internal control policies, strengthening audit functions to avoid fraud risks.
Besides, structuring a tech-driven AP process to manage most tedious tasks faster and better with the help of automation or outsourcing the same to a reliable accounts payable service provider can be beneficial.
To learn more about AP fraud and how to prevent it, let’s go through this interactive infographic below.
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