Improving Your Business Strategy with Accounts Payable Best Practices
According to the 2016 ACFE Report to the Nations, companies lose an estimated 5% of their revenue annually due to fraud. To avoid an attack, your Accounts Payable payment system should have multiple levels of security, especially when used for issuing ACH payments.
Many businesses today are leveraging technology to manage finances. With Accounts Payable, you will find that technology can make your process inexpensive, fast, convenient, AND provide a high level of security to your company. One of the newest forms of electronic payments is virtual cards.
In today's digital world, receiving a paper check seems like something of the Stone Ages. Not only is there a significant lag time before the check is transferred from Payer to Payee - but there's also the daunting task on the receiving side of getting deposited either via electronic means or good old-fashioned driving it to the bank.
The ability to automate costly and time-consuming workflows has changed the way businesses operate and manage their resources, and some savvy businesses have already jumped on this trend and implemented automated-software solutions to improve their accounts payable department.
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