Really terrific article here from Graham Smith on the subject of how AP Automation can reduce fraud in the AP department. This is one of those topics many people know about, but don't talk about often.
Graham's article starts:
"...the elimination of as many human “Touch Points” in the Accounts Payable process and adherence to strict business rules is a critical success factor in the reduction of Accounts payable fraud. In short, the solution to most of today’s current AP fraud risks and processing inefficiencies involve the implementation and proper management of automation tools. A key issue in regard to most forms of AP fraud is that there are so many opportunities open in the manual process for dishonest employees acting either alone or in collusion with dishonest outsiders to defraud a company. Specifically, in a conventional manual AP function, enforcement of business rules is based on after the fact audits, whereas AP automation offers the opportunity to enforce these rules during the process...."
The article goes on to discuss very specific instances and causes of fraud...a very well-thought-out article for those of us who work towards excellence in the payables process. Check it out !
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