5 Accounts Payable Anti-Fraud Controls Cheat Sheet

5 Accounts Payable Anti-Fraud Controls Cheat Sheet

Combating Accounts Payable Fraud with AP automation is about verifying invoice information, and knowing if the order was received and the PO is accurate. It’s about making the team run as efficiently as possible by allowing them to accomplish more in less time and hopefully with fewer errors. 

Aavenir’s AI-powered Accounts Payable solution significantly increases visibility and communication about invoices throughout the company. With Aavenir, there is a centralized place for the receipt of invoices. That way, every invoice enters the company through a standard method that makes it easier to spot something that doesn’t quite fit. 

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Global Accounts Payable Automation Worksheet

Global Accounts Payable Automation Worksheet

Financial leaders aim to achieve greater heights by utilizing fewer resources and less time with more efficiency. Strong businesses always plan for higher productivity. You’ve felt the pain of the manual accounts payable (AP) process and are looking for an automated solution to streamline your AP process from start to finish. So, how do you find the right solution to meet your business needs?

There are many ways that global AP automation is defined and many solutions available from which you can choose. For example, when deciding which solution is right for you, it’s essential to understand that taking a holistic approach to automating global accounts payable and investing in a solution that streamlines the end-to-end process will deliver greater efficiency, reduce your payables workload, improve control over cash flow, accelerate cycle time not only as it relates to your payables operations, but also financial close, and enhance protection against AP fraud.

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The Top 3 Finance Resources CFOs Should Bookmark

CFOs today have to be more innovative and dynamic to adopt best practices and skills to create value for the organization. However, most CFOs nowadays are expected to break away from the number-crunching analysis and consider themselves strategic and tactical players.

The Top 3 Finance Resources CFOs Should Bookmark

Are CFOs prepared? Do they have the ability to meet the new requirements of an active job? 

The CFO of today and tomorrow should analyze financial data to plan strategies and influence decision-making. They should have many more abilities than simply knowing technical bookkeeping. The CFOs are considered Chief Operating Officers with a primary focus on finance. They help guide and impact decisions involving the financial angle.

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AP Automation Execution Checklist

AP Automation Execution Checklist to Maximize ROI 

As the CFO of your organization, you may wonder about the precise strategies you should adopt to implement and execute AP Automation Solution to improve your company’s invoice payment workflows. You are already aware that paying your vendors on time and without any errors is essential. 

Top 11 Strategies to Execute AP Automation Solution Effectively

With regards to business, implementing and executing any new process and solution can be complex. These accepted Best Practices in the checklist will guarantee you to take on the challenge and buy the current AP automation solution today - eliminating the execution and implementation barriers from the past. The checklist also states eleven strategies that will facilitate glitch-free implementation and execution of your AP Automation solution and help your organization maximize and achieve the ROI from automation.

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Invoice Approval Workflow Checklist

Invoice Approval Workflow Checklist

A paper-based invoice workflow is less efficient as it consumes hours of valuable time between document filing, invoice data entry, and the seemingly never-ending wait for approval. Fortunately, technology has been a boon for the invoice approval process - making it a lot more efficient. Here are a few solid reasons you should consider implementing a paperless invoice approval system.

An Invoice Approval Workflow is a process organizations follow to clear an invoice for payment. Think of it as a process to determine whether an invoice is valid. Depending on the size of your organization, the Accounts Payable Manager (APM) may perform this process, or the work may require an entire Accounts Payable (AP) department.

The workflow generally begins when a vendor submits an invoice. The AP team then reviews the invoice to ensure its accuracy, including looking at the billed services, the information needed for processing, and the amount requested. After everything checks out, Accounts Payable or the finance manager approves the invoice, and the appropriate person processes the payment.

If you want your organization to succeed, paying your vendors on time is indispensable. Learn about the invoice approval workflow and how to optimize it by completing the form and clicking “Download Now.”

Vendor Scorecard Tracker

Vendor Scorecard Tracker

Whether it's sourcing raw materials or providing SaaS platforms, vendors play an essential role in your company's growth. Growing businesses can find it challenging to monitor vendor performance, creating issues like duplicate purchases and maintaining proper vendor relationships which hampers growth. 

Vendor scorecards simplify vendor management and are critical for monitoring vendor performance. Vendor scorecards are used to track and measure vendor performance. They can vary from simple to complex and contain as many or as few criteria as deemed effective in accomplishing an organization’s goals. When used appropriately and consistently, vendor scorecards can strengthen relationships, improve costs and mitigate errors. 

This vendor scorecard tracker is used to view the summary and different views of the ratings of the vendors which are based on the results of the assessment. The vendor scorecard contains the name of the vendors and their ratings. A vendor scorecard is used to compare and contrast the current vendor’s results with his previous ones and it can also be compared with the other vendors.

To know more, access this tracker by completing the form and clicking “Download Now.”

Accounts Payable Audit Checklist

Accounts Payable Audit Checklist

Audits, in general, can seem a little scary. But, when you perform audits, particularly on your accounts payable (AP) operations, you can catch fraud, mistakes, bottlenecks, and more before they even occur – saving your company precious time and money. Accounts Payable auditing isn’t only a means to ensure compliance; it’s a way to streamline your operations and increase efficiency. 

Whether it’s a legal obligation or not, an Accounts Payable Audit is a good business practice to help you stay on top of your company’s financial activity. Here are a few ways an audit can improve security, efficiency and help find possibilities for cost reduction:

To know more, access this checklist by completing the form and clicking “Download Now.”

Invoice Verification Checklist

Does the anxiety of making erroneous or incorrect invoice payments get you every time?

Don’t worry! You are not alone. Companies around the world go through it. Invoice verification is one of the day-to-day tasks of the accounts payable (AP) team. Companies check whether the goods or services invoiced correspond to the orders and have been delivered with the proper financial accuracy. 

Invoice Verification Checklist

Invoice verification is one of the day-to-day tasks of accounts payable (AP). The invoices must be checked in terms of content to align with the formal requirements. Accounts Payable Managers must be worried about:

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7 Questions Every CFO Should Ask Before Investing Into Accounts Payable Automation Solution

Accounts Payable Automation is a booming market, with investment expected to increase from $1.9 billion in 2019 to more than $3 billion by 2024, according to PYMNTS.com. 

However, before investing in any Accounts Payable Automation solution, every CFO must understand and clarify essential aspects.  

Starting with which invoices are they going to manage and how will they be processed and paid? Let’s explore the top 7 questions to evaluate before finalizing an Accounts Payable Automation solution.

7 Questions every CFO should ask before investing in Account Payable Automation Solution

Goldman Sachs recently estimated businesses in North America spend $187 billion per year on payment processing costs, with small businesses sacrificing $22 to pay a single invoice with a paper check. And that financial toll doesn’t take into account data entry errors, security risks and timeline inefficiencies associated with manual systems that rely primarily on paper.

There’s also a good chance that Accounts Payable automation solutions could provide relief to better position your finance team to contribute to the company’s overall success, but you’re not quite sure how to begin evaluating whether automation is right for your business.

Here are seven key questions you should ask as you consider automating your AP processes.

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Accounts Payable Internal Control Checklist

An accounts payable internal control checklist allows you, as the CFO or financial controller of your organization, to achieve the goal of strong internal controls. Accounts payable is one of the most vulnerable areas for fraud for any business. And errors or fat finger mistakes can cost your business money, time, and embarrassment.

Accounts Payable must be managed effectively. So, how do you make sure your company is well-protected from fraudsters, tax implications, and regulatory issues? It’s all about accounts payable internal controls – critical best practices to protect your company’s assets and best interests. 

Accounts Payable Internal Control Checklist

Accounts payable internal control matters because the potential for things to go wrong is never that far away.

These days, companies need strong accounts payable internal control to protect themselves. Today, we’re going to explore some of the basics of accounts payable internal control and strategies, including the Accounts Payable automation checklist, and how Aavenir can help companies improve their controls.

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