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In any organization, the accounts payable (AP) department is responsible for handling and processing payments. What is Compliance in Accounts Payable? Compliance in accounts payable refers to the practice of following laws, regulations, and standards related to handling payments. This is the second highest it’s been since 2009.
You may not expect mythology to have any relevance in the numbers-driven, here-and-now world of accounts payable software and services. More than 80 percent of organizations reported being targets of an attempted or actual payments fraud attack in 2020, the second highest percentage on record since 2009. Sounds simple.
By 2003, their invoice approval software, AvidInvoice, was enabling companies to route invoices electronically and create intelligent workflows to automate their accounts payable processes. Headquartered in Houston, Texas, Strongroom has provided accounts payable software solutions to over 200 small and midsize businesses since 2007.
Account Takeover: Criminals gain unauthorized access to customer accounts, allowing them to make fraudulent transactions or transfer funds. Shadow spending can take various forms, including Embezzlement: Employees misappropriate company funds for personal gain by manipulating financial records or diverting payments to their accounts.
This was evident during the 2008-2009 financial crisis, as shown in McKinsey’s survey above. Robotic Process Automation (RPA) and workflow management tools automate manual processes such as dataentry, document processing, and invoice management.
Interested in sponsoring the Cloud Accounting Podcast? Need Accounting Conference Info? This episode of The Cloud Accounting Podcast is sponsored by Minute7. For details, read the prospectus , and NOW, you can see our smiling faces on Instagram ! You can now call us and leave a voicemail, maybe we'll play it on the show.
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