#apinvoiceautomationsoftware

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Series 3 - Hermes AP Automation Software Product Demo - Manage Rule Engine Settings Reports

A Rule Engine is a condition when a requirement is calculated based on some task. A rule engine is a sophisticated statement interpreter that decodes rules. If you are looking for an automated accounts payable process embedded with a rule engine, check out how Hermes Rule Engine executes automated processes with step-by-step procedures.

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4 Accounts Payable (AP) Tips for Small Businesses

Many small businesses are thinking: * We have a limited volume of invoices to process and manage. * We have a few vendors which our AP clerks can easily manage and support. * Why do we need to spend money on AP automation?

Read the blog to learn about the 4 important tips that every small business should know that will improve their current Accounts Payable process with automation and generate more business revenue.

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Why Do Organizations Need to Upgrade Their Accounts Payable Processes with Smart & Intelligent Automation?

Over the last few years, organizations have started implementing the latest AI-enabled technologies in their existing Accounts Payable (AP) processes to streamline the workflow and increase team efficiency.

The smart automation software provides zero-touch human intervention to nullify errors and allow the AP team to work on more productive tasks. The advanced system has the latest technologies like AI, Machine Learning, advanced Optical Character Recognition (OCR), Intelligent Document Processing (IDP), and Cloud-based processing to improve efficiency and vendor experience.

Read the blog to know more about why organizations need to upgrade their Accounts Payable processes with smart & intelligent automation.

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Is your current Accounts Payable process still depending on human intervention?

Technology is evolving the Accounts Payable process, transforming outdated practices with the latest technologies.

Join us for an interactive webinar session to learn how you can resolve your crucial AP challenges with:

Zero-Touch Process

Optimized & Seamless Workflow

100% Data Accuracy & Data Security

24/7 Virtual Assistance

And many more…..

Webinar Details: Date: 25th May 2023 Time: 11 am CT

Register Now! Limited seats available.

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Are you facing these below-mentioned crucial challenges in your current Accounts Payable process?

Manual paperwork

Lack of visibility and insights

Additional delays and inefficient approval workflows

Human intervention

High error reconciliations

Audit and compliance check issues

Real-time market comparisons

Fraud and data security issues

In our webinar, we will discuss how you can resolve these challenges and improve your business revenue.

We will also showcase how you can upgrade your outdated Accounts Payable (AP) process automation by:

Improving your team’s efficiency by 65% by getting them a ‘virtual assistant’. Reducing your current per invoice processing time from an average of 8 minutes to 1/10th. Increasing savings by more than 85%.

We will demonstrate how our clients resolved these challenges using our zero-touch, smart, and intelligent AP automation.

Data: 25th May 2023. Time: 11 AM CT

Register now for the webinar!

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Register for the Accounts Payable (AP) webinar on how smart and intelligent automation can help increase your team's efficiency and optimize your current AP processing with the latest technologies and Zero-Touch processing.

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Webinar Invitation - Is Your Current Accounts Payable Process Hampering Business Growth?

Your outdated Accounts Payable (AP) process automation may be costing you more than you think. Join us to know more about how you can optimize your current Accounts Payable process.

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Hermes AP Automation - Series 2 - Manage Invoices

Want to know more about our software? Schedule a free product demo. https://lnkd.in/grDD7mPk

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How Can Accounts Payable Automation Protect You from Fraud? 

Protecting the accounts payable process from fraud is a massive concern for businesses across the globe. Every year, companies lose millions of funds due to fraudulent activity. Investing in an accounts payable automation solution can help protect your business against fraud. 

An AP automation system streamlines and automates the accounts payable process end-to-end. This system can help prevent fraud by taking manual labor out of the process. Businesses can reduce the chances of fraudulent activity by automating the overall accounts payable process.  

The accounts payable automation process can provide businesses with additional security measures. For example, it can set up rules and validation checks to alert a company when any invoice detail seems suspicious. It can be beneficial for detecting and preventing fraudulent activity.  

Another benefit of accounts payable automation is that it can provide businesses with better visibility into their accounts payable process. By automating the overall AP process, companies can easily track and audit invoices, payments, and other related information. It can help detect suspicious activity and enable businesses to combat fraud more effectively.  

Accounts payable automation can help protect businesses from fraud by giving them better control over the process. It includes adequate control over who can access the system and who can approve and disburse the payments.  

What Kinds of Accounts Payable Fraud Are Most Common?  

Every year, accounts payable fraud affects thousands of businesses, both big and small. It is because of several things, including how simple it is to commit fraud using conventional AP procedures and fraudsters' growing sophistication. Most of the time, AP fraud is carried out right in front of businesses, frequently with their collaboration.  

The most common kinds of AP fraud are as follows:

Billing Plans Fraud - These schemes can range in sophistication and are frequently carried out by employees or with their knowledge. 

For instance, a worker might create a false invoice and 'pay' it for goods or services. 

Another option is for an AP employee to double-pay an invoice by mailing two cheques of an invoice to the same vendor. Before the arrival of the second cheque, AP calls the vendor to inform them that they accidentally sent two cheques and requests that they send one back to a specific address or office location for a particular AP employee. 

Another scenario is a self-written cheque or wiring the funds to a personal bank account since this AP person is an authorized signer. The individual acting as the vendor encashes the cheque directly from the bank.  

Verify Fraud  

According to a recent market study, cheque-related fraud affected over three-quarters of all businesses affected by AP fraud. Writing checks from a business account for personal expenses or changing the amount in the cheque are examples of fraud.  

ACH Fraud  

When someone (often an employee of the company or a hacker) gains access to funds through an automated clearing house to process electronic fund transfers, this is known as ACH payment fraud. The employee or fraudster may use a keylogger or other method to access the files.  

Once they can access the files, the fraudster may commit vendor impersonation fraud (VIF). It happens when a fraudster alters the profile of an existing vendor to direct legitimate payments to their account.  

Expense Reimbursement Fraud

Fraud in Expense Reimbursement Fraud is tricky to find and frequently goes undetected for years. These kinds of scams can happen when an employee uses a personal credit card to make purchases and submits an expense report, overstate their expenses, deliberately offer duplicate accounts, or fabricate expenses for goods they have never bought. Even though the sums may appear small initially, they will eventually add up if the fraud is unnoticed.  

Kickback Plans Fraud

Due to insider assistance and protocol-breaking, kickback schemes are among the most harmful forms of fraud. These frauds occur when a third party pays a worker to influence business decisions, like choosing a vendor. As a result, rather than considering what is best for your customers, critical business decisions are made based on who can line the pockets of one of your own. Later on, it might also give rise to other types of fraud, like billing schemes.  

AP Fraud Prevention and Detection  

The main issue with AP fraud is that it is difficult to detect without structural changes to business processes. Protecting your business's and your employees' future may be time-consuming and frustrating, but changing policies and implementing new safeguards is worth the effort. 

Utilize Automation and Machine Learning 

The overwhelming day-to-day details of running a business make it extremely difficult to spot mistakes and patterns, which is why fraud typically happens. For instance, employees who process hundreds of monthly payments frequently need more time to search for designs or double-check changes.  

To protect your AP processes from fraud, you need to streamline and automate the overall process so that the software can track and detect fraud using the latest technologies. The software will raise exceptions whenever an issue occurs. Those exceptions will get processed after a manual review from an authorized user. By automating your end-to-end AP process using secured AP automation software, you can protect your overall AP process from various fraud techniques.

Hermes - AP automation helps centralize communications and automate the AP process, making it much simpler to spot fraud. It uses AI and machine learning technologies to detect fraud. By highlighting suspicious changes, the AP automation tool assists businesses in streamlining the overall AP procedure and prevents fraud. They pay attention to small details and commit human mistakes. Hermes AP automation software follows all rules and regulations under SOC 1 Type 1 compliance.

Our Machine Learning algorithm detects duplicate invoices, tracks vendor changes, and identifies suspicious trends. By utilizing Hermes – AP automation, you can concentrate on managing other priorities of your business while our software monitors the specifics that might make you vulnerable to AP fraud. 

Conclusion 

Businesses can benefit from using accounts payable automation processes to safeguard themselves against any type of Accounts Payable fraud. Companies can reduce the possibility of fraud by streamlining the end-to-end procedure using secured AP invoice automation software like Hermes. Investing in an automated AP software like Hermes for tracking and paying bills is a wise move that can help safeguard your company from fraud and save you from losing money.

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Is your organization using a complicated manual AP process where you are facing errors in invoice data entry and data review on a daily basis?

Let us guide you through Hermes Accounts Payable Process!

With our Hermes AI-Powered Accounts Payable (AP) Invoice Automation Software, this is how our clients are handling their A/P Invoice Processing: Detect incoming emails in the mailbox using RPA. Check which email has an invoice using smart bots. Pick up data from the invoice using OCR technology. Optimize and reduce errors during data pickup using a Machine Learning algorithm. Use comprehensive 3-way checks to reduce fraud and error within data. Complete custom approval workflows on the system. Integrate with your ERP and keep backups for audits/archiving.

You can now increase your Accounts Payable Department's productivity with enhanced technology of Artificial Intelligence (AI), Optical Character Recognition (OCR), and Cloud-based processing to work from any device.

Our AP Automation solution provides you with 99.98% data accuracy.

With the help of our software, clients were able to improve:

Employee productivity by 65% & vendor satisfaction ratio by 45%. A/P invoice processing time from 5 minutes to only 20 seconds. Operational costs by 90% with only 10% human intervention. Request a free demo on how your end-to-end AP automation can improve your organization's productivity, efficiency, and vendor satisfaction ratio. We will also showcase various other benefits you will receive using our AP automation solution.

Read more: https://www.automateinvoices.com/#AP-invoice-processing

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Do you want to transform your accounts payable process from a cost center to a profit center?

With Hermes AP automation software, you can manage large volumes of invoices and financial transactions with 99.98% data accuracy. If you want to improve your AP department’s productivity & efficiency, then review our AP automation software and see how user-friendly our software is.

In our first series of demo videos, today we will showcase how you can create and manage users easily within our AP automation software.

Want to know more about our software? Schedule a free product demo. https://www.automateinvoices.com/?channel=socialmedia#book-a-demo

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Read the blog on the top 5 tips to follow while implementing Accounts Payable (AP) process automation software in your organization.

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Managing accounts payable (AP) is a tricky and time-consuming task. It requires the coordination of multiple stakeholders, matching invoices to payments, and reconciling accounts. It can result in costly delays, errors, and disputes if not done correctly. Please read the blog to identify common AP pitfalls and how to avoid them.

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Hermes AP Invoice Automation Software - Request A Product Demo

A/P processing is tedious, especially if you do it manually. Our robust invoice management software will let you process invoices more efficiently and offload your team of repetitive and laborious tasks.

To learn more about Calpion's AP Invoice Automation software and how it can be a valuable addition to your business process, request a product demo with us.

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Read the blog to learn the top 6 reasons why Accounts Payable (AP) process should switch to automation.