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Take all of your accounting functions into the cloud, not just your generalledger. For example, a bill includes all kinds of information such as the invoice date, due date, payment terms, nature of expense, supplier name, supplier address and more.
According to AFP, over the past decade, fraud risk for checks has spiked—rising from 60% in 2013 to 78% in 2017. After information is electronically extracted from the invoice, it goes through your pre-determined approval process. After the invoice is approved, payments are disbursed. Here are a few points to consider.
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