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. 

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

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.

To find out more, access this worksheet by completing the form and clicking “Download Now.”

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.

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

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.

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


Meet Aavenir at IOFM’s Accounts Payable & Procure-to-Pay (APP2P) Spring Conference & Expo

Meet Aavenir at IOFM’s Accounts Payable & Procure-to-Pay (APP2P) Spring Conference & Expo

The most awaited IOFM APP2P Spring Conference & Expo is back. Here's your opportunity to connect with leading solution providers through daily town hall panel discussions, demo presentations, educational sessions, by-invitation-focused luncheons, peer networking opportunities, and more.  Meet Team Aavenir at Booth #120, IOFM APP2P Spring Conference & Expo, and learn more about our AI-enabled Account Payable Automation.

May 15-17, 2022

Disney’s Yacht & Beach Club Resort

Lake Buena Vista, FL

Book a Demo

The largest and one of the most comprehensive events dedicated to Accounts Payable and Procure-to-Pay brings together experienced practitioners and innovative strategists to provide an in-depth three-day learning experience.

Why attending the AP & P2P Conference & Expo can help improve efficacy and boost ROI for your business?

Take a look at the detailed program schedule here.

Don’t forget to invite your colleagues.

About Aavenir Accounts Payable Automation (APA) Solution

Invoiceflow-Knowledge 2021

Our powerful Accounts Payable Automation solution enables smart invoice data extraction and streamlines 2-way or 3-way matching using Machine Learning (ML) and Natural Language Processing (NLP), thereby providing ‘Touchless’ invoice processing.

  • Deconstruct unstructured, non-uniform Invoices using Machine Learning (ML)
  • Create invoice objects automatically in ServiceNow
  • Address discrepancies, if any, in real-time with intuitive suggestions
Explore Invoiceflow Now

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.”

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:

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

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.

Access your E-book copy by completing the form and clicking “Download Now.”

The State of Utah processes IT Vendor Invoices 5X faster with full control and visibility over spend

About Company

Nestled in the mountains and valleys, the State of Utah is one of the best-managed states in the United States of America. Division of Technology Services (DTS) of Utah government delivers innovative, convenient, secure, and cost-effective solutions that empower partners to simplify lives of Utah residents.

Invoice Management Challenges

DTS uses ServiceNow to evaluate business cases for IT related projects or purchases, including internal apps, software licenses, fixed assets, and other IT products or services. The DTS Finance team then evaluates the business case, manages purchase requisitions (PO), and invoice payments using in-house tools along with custom applications and tables built on ServiceNow.

SoU works with 600+ IT vendors that send 8000+ paper-based invoices per year with multiple invoice attachments per email or post. The manual coding and data entry of thousands of IT invoices with multiple line items and varied payment terms was very tedious and error-prone. The SoU’s finance team had one person manually matching invoice data with PO, receipts, and vendor data.

The SoU finance team had the most trouble getting a PO issued against random and ad-hoc hardware or software purchasing from 10-12 vendors. On the other hand, the receiving center could only really update receipts for hardware purchases. The purchases of software or services still had to be manually checked over the emails saying- “Hey, did you receive X services?”.

“SoU had a custom-built purchase application on ServiceNow, which runs to our expectations. However, we knew that building an AI-enabled invoice processing solution on ServiceNow and integrating it to our purchasing system was definitely going to be a time-consuming project, which would need skilled ServiceNow resources.” said Tyrel King, Financial Manager II at the SoU - DTS.

The Solution: Aavenir Accounts Payable Automation Solution for Government Sector

SoU implemented Aavenir Invoiceflow on their existing Now platform to streamline the Accounts payable for IT vendors. Now, 100% of IT vendor invoices are stored on ServiceNow on the day of receipt using Aavenir’s artificial intelligence (AI) technology.

AI-enabled invoice data entry and matching: 

Aavenir Invoiceflow’s AI-engine learns the unique invoice patterns and automates invoice coding and data entry for thousands of invoices. Built with the latest machine learning technologies, Aavenir offers 80% accurate data entry. Aavenir automatically validates the invoice data with purchase order tables on ServiceNow and Vendor data using custom rules. SoU has implemented a custom PO-matching workflow per procurement category.

Frictionless invoice approval workflow: 

After the invoice data is captured, the DTS Finance team reviews the invoice and adds header details if needed. Invoices over a certain threshold amount or specific purchase categories are then routed for faster approvals by one or more approvers using the ServiceNow-powered most advanced and easily configurable workflow engine.

Exception handling workflow: 

If needed, approvers can reroute invoices for exception handling for certain cases such as invoice amount is different than PO, duplicate invoice number, and more. For non-PO invoice, Aavenir automatically initiates a request to assign a cost center. Based on the cost center and the invoice line items, Aavenir then automatically creates a purchase requisition. 

Invoice payments: 

After the invoice is approved, Aavenir Invoiceflow offers a way to enter invoice information in SoU’s existing payment system FiNeT. After the payment, it automatically updates the status in Aavenir Invoiceflow with the payment information. 

Key Results

After digitizing AP process with Aavenir, SoU consolidated end-to-end invoice processing on ServiceNow with key benefits such as: 

5x faster data entry: 

AI-enabled automated invoice data entry has drastically reduced time from hours to minutes. And, that’s a huge value add because it gives the finance team near real-time insight into all invoices and they can manage cash flow better.

70% faster invoice lifecycle: 

SoU’s finance team took up to 10 days to process an invoice with a potential risk of late payments, duplicate payments, or lost discounts. With Aavenir, it’s been shortened to about 1 day per approver, so 2 to 3 days total in most cases – that’s a 70% reduction in the invoice lifecycle.

Better collaboration between remote teams: 

Amidst COVID-19, the AP team worked remotely and began requesting electronic approvals over long email chains. Aavenir provided full control over invoice lifecycle with smart, intuitive, and actionable AP workflows that enabled frictionless communication between AP and other business departments.

Complete spend visibility: 

Aavenir Invoiceflow dashboard gave a complete visibility of invoices by status (pending/overdue / or other), invoices by procurement category, by the vendor, and so forth.