AP Automation Reduces Errors and Fraud Risks

 2/28/2023 by Andy Birkey

Historically, accounts payable has been a manual process that is time-consuming, error-prone, and vulnerable to fraud. With accounts payable automation like MetaViewer, businesses can streamline their accounts payable processes, reduce errors, and prevent fraud.

Elimination of Manual Data Entry
Data entry is not only monotonous and staff resource intensive, but it’s prone to error. It leads to mistakes, such as typos and transposed numbers. Accounts payable automation eliminates the need for manual data entry, as invoices are scanned and automatically entered into the system. This reduces the likelihood of errors and ensures that invoices are processed accurately.

Increased Accuracy in Invoice Processing
Accounts payable automation uses Intelligent Recognition technology to capture documents and invoices. This means that invoices are processed quickly and accurately, without the need for human intervention. This technology is smart, highly accurate and fast, which helps to ensure that invoices are processed efficiently and correctly.

Fraud Detection
Accounts payable automation can help to prevent fraud. For example, the system can flag invoices that are duplicate invoices from vendors. Follow a best practices workflow for authorizing invoices. Also it has a complete audit log that allows for auditing who is doing what and when.

Improved Audit Trail
Accounts payable automation provides detailed audit trails for accountability. There’s no chance of human error or misplaced paperwork. This includes information such as the date and time of each transaction, the user who processed the transaction, and any changes made to the transaction. This information is critical for tracking and identifying errors and fraud, and it also helps businesses to maintain compliance with regulations and standards.

Streamlined Approval Processes
Accounts payable automation streamlines the approval process for invoices and payments. The system can be configured to automatically route invoices to the appropriate person for approval, based on factors such as invoice amount or vendor. This reduces the need for manual intervention and helps to ensure that invoices are approved quickly and accurately. And this can save businesses money on early payment discounts!

Reducing fraud and errors, and increasing accuracy and efficiency are great benefits to AP automation. But, let’s face it: few people like to enter invoice data for 8 hours a day! With MetaViewer, you can free up staff to do more valuable and enjoyable work.

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