According to the 2021 AFP Payments Fraud and Control Survey nearly 75% of organizations were targets of payments fraud in 2020. The survey also concluded that accounts payable (AP) departments are highly vulnerable to being targeted by fraud. While scammers aim to harm the entire organization, they generally focus their attack on accounts payable, with 61% of survey respondents agreeing that accounts payable is the most vulnerable business unit.
Finance teams do not have the capacity to manually investigate every request that comes their way, and they should not be expected to with the latest AP automation technology. To help companies better safeguard their organizations, Gartner offered three considerations to reduce AP fraud: ensure the integrity of vendor data, audit the invoice process in real-time, and monitor for insider fraud. Gartner called out OpenEnvoy as one of the leading real-time AP invoice automation vendors helping protect companies from fraud.
OpenEnvoy’s real-time forensic-level auditing, easy to use workflows, and spend analytics help AP teams prevent fraud and eliminate wasted spending. Let’s explore how:
- Duplicate detection: OpenEnvoy’s rules and AI-driven model performs extensive validations to prevent duplicate invoice payments.
- Vendor file management: Maintain the integrity of vendor master data and better identify fraudulent invoices when there are suspicious changes in key vendor information.
- Unparalleled audit flexibility: Create Match Groups using the accounting team’s unique business logic to flag discrepancies faster and shorten the review process.
- Expedite disputes: Review grouped discrepancies at the top of Match Reports and quickly move flagged items into the escalation and dispute process.
- Spend visibility: Access real-time data dashboards with comprehensive filtering controls to monitor company spend and track disputes.
- Automated workflows: Take advantage of easy to use workflows and rules to ensure invoices are processed according to the AP team’s unique criteria.