Accounting Automation: Confronting Fraudulent Payments

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Accounting Automation: Confronting Fraudulent Payments

CFO Tech Outlook | Monday, May 13, 2019

Empowering the finance, banking, and accounting systems, automation has created a positive impact on fund management activities. Advanced automation software makes way for electronic and algorithmic money transfer and accounts payable processes. With the help of automation of accountancy process, accountants can achieve better accuracy and operational standards. The smart analytical capabilities based on intelligent computer logics and predictive analysis potentialities help the users keep a constant check on the incurring risks factors, and hackers' tactics to develop purpose-specific ways to detect and overcome fraudulent transactions. Here is how automatic accounts payable features can empower the financiers and accountants.

• Authorizing user accesses with credentials

Monitoring and controlling the user privileges act as the initial steps to protect the accounts from manipulations. The automation solution credits the verified users with a unique identification code and password, helping the enterprise in generating authorized invoices instantaneously. With this technique, network firewalls and security systems can implicitly identify the faulty payments and fraud.     

• Real-time reporting and alerting systems

Accounts payable automation supports a digital audit trail solution by offering advanced accountability features, which maintains a computerized recording system. The accountants are well-informed about the accurate report underlining successful transactions and erroneous ones. The automatic alerting system collates the details of the fraudulent activity more strategically.    

• Streamlining the workflow 

The computerized accounting systems limit the human efforts and tedious tasks by eliminating paperwork, manual computations, and review and error correction processes. Auto accounts payable deployments allow the workforce to streamline the processes involved by following a centralized step by step approach. This standardized operational sequence enables the managers to monitor the progress and measure the success at periodic intervals.

Automated accounts payable systems drive the digitalization of accounting and financing functions. Incorporating advanced and reliable fraud detection algorithms this emerging solution undoubtedly powers the security aspect of industrial money management.           

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