Senior management will be a lot more receptive to your plans to migrate away from paper check payments to suppliers if you can convince them that electronic payments will mitigate security risks.
That’s a key takeaway of a survey of more than 1,000 CFOs and senior finance executives from the United States, Europe and Asia/Oceania conducted by corporate payment solutions provider WEX.
More than half of American executives (53 percent) and 49 percent of European executives are very concerned about information security relating to payments. What’s more, between 58 percent and 68 percent of finance executives rank security as the most important attribute of a payment solution.
A big reason that reducing payments fraud and payments misuse is top of mind for CFOs and senior finance executives is that roughly half of the businesses represented in the survey findings suffered fraud in the first half of 2018, per the WEX Payment Pulse report.
Businesses are vulnerable from vendor schemes, collusion, computer-based payments fraud, inventory theft, conflicts of interest, fraudulent financial report, and more. Unsurprisingly, CFOs and senior finance executives are making fraud-busting capabilities a top priority when evaluating automated payables solutions.
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9 ways automation mitigates risk
Automation can give CFOs and senior finance executives peace of mind. Solutions such as those from ACOM mitigate the risks of payment fraud and payments misuse in nine critical ways:
- Tracking of invoice history and approvals
- Ensuring that staff adhere to approval policies
- Enforcing separation of duties
- Assuring chain of custody
- Making audit information readily available
- Strengthening PCI compliance controls
- Preventing invoices from being discarded or destroyed prematurely
- Reviewing approved invoices for suspicious activity
- Validating payee information against the vendor master database
Plus, unlike paper checks, electronic payments cannot be intercepted
Sixty-two percent of CFOs and senior finance executives expect that new technology will make their corporate payments more secure. This means that you will find a receptive audience if you include the fraud-busting functionality and tools above into your proposal for accounts payable automation.
Don’t leave your finance organization vulnerable to fraud.