CashCloud’s Post

Processing payments manually leaves accounts payable departments susceptible to fraud and errors, which can cost companies millions of dollars. But there's technology available to streamline the process before payments are sent, reducing fraud and errors while minimizing delays and providing a streamlined experience. Andrew Deichler, AFP's Director of Payments Practice, explores how organizations can verify critical information by utilizing pre-validation: https://lnkd.in/eMmPZsmj

Three-way matching is a crucial process in Accounts Payable (AP) that involves verifying an invoice against its corresponding purchase order and goods receipt note. While this process may seem time-consuming, it offers significant benefits in terms of accuracy, fraud prevention, and overall financial health. While three-way matching requires careful coordination and may increase processing time, it is highly recommended for: 1️⃣ High-value purchases: For significant purchases, the added layer of security provided by three-way matching is crucial. 2️⃣ Complex Transactions: For transactions involving multiple items, varying prices, or complex delivery schedules, three-way matching ensures accuracy and minimizes errors. 3️⃣ High-Risk Vendors: For vendors with a history of late payments or potential for fraud, three-way matching provides an extra layer of protection. While three-way matching may require additional effort, the benefits in terms of accuracy, fraud prevention, and improved financial control make it a valuable practice for businesses of all sizes. By implementing robust three-way matching procedures, businesses can streamline their AP processes, enhance their financial health, and build stronger relationships with their vendors. You're ready to streamline your account payables? Contact us today! https://bit.ly/3DSIQRo #Skalable #SkalableStream #Stream #AccountsPayable #AP #ThreeWayMatching #InvoiceProcessing #FinancialControl #FraudPrevention #BusinessFinance

Did you know automated invoice management can increase fraud detection capabilities for your #AccountsPayable? 🤔 Kloo's AI-powered invoice management module streamlines your current AP operations and safeguard your finances by: ➝ Instantly verifying vendor details and payment terms ➝ Detecting anomalies and inconsistencies in invoice data ➝ Flagging any potentially fraudulent invoices with real-time alerts Our modules not only transform your invoice processing but also add a robust layer of security for seamless and strategic Accounts Payable. 📩 Interested to know more? Drop me a message or check out our website! #InvoiceManagement #FraudDetection

Managing accounts payable can be challenging, especially for businesses still using checks. A new PYMNTS report highlights how shifting to embedded payments can boost efficiency and security. Read more: https://hubs.ly/Q02SXPw60

What if you could easily maintain your vendor payment information and updates—all in one place? What if you could completely offload your payment fraud management and liability? And, what if you could extend your AP automation to the payment itself—eliminating manual tasks and paper checks in the exchange of money between you and your vendors? Join our partner Quadient Accounts Payable today at 1PM ET to learn how to stay in AP control with payment automation—and cut the checks for good. https://hubs.li/Q02-82V20

Practice what you preach! An age-old, yet powerful statement that's applicable in all areas of life and business.

The protection of vendor payments cannot rely solely on a single security mechanism. Ensuring payment protection involves multiple tools to safeguard every step. 3-way matching is one of those tools, enabling AP teams to more securely pay their vendors. Learn more in our blog, “How 3-Way Matching Benefits Your Accounts Payable." https://lnkd.in/e6Zumh6R

Business payment fraud. How do we avoid it? Many companies struggle with how to handle business payment fraud. "About half of companies say they don't have a clue about the extent of their exposure". The answer lies in the technology we use. AI-powered payment tech offers the visibility we need across payments. Other tools include ERP, vendor management systems, AP fraud detection. #PaymentFraud #FraudDetection #PaymentAI

Is your AP process running smoothly? Discover how effective accounts payable audits uncover inefficiencies, prevent fraud, and revitalize your financial security. Dive into our step-by-step guide for best practices and more key focus areas. https://lnkd.in/eHumY796 #apautomation #accountspayable #businessautomation